If your company imports or uses LPG, LNG or CNG in operations, take note. Customs duties (or the equivalent rate of excise tax on domestically produced alternative fuels) will soon be assessed on these fuels.loans no credit history The Customs Tariff Amendment (Taxation of Alternative Fuels) Act 2011 will impose customs duties on LNG, LPG
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Parliament recently passed three bills of importance to the Australian trade community, all of which are now awaiting Royal Assent: Customs Amendment (Export Controls and Other Measures) Bill 2011 Customs Tariff Amendment (2012 Harmonized System Changes) Bill 2011, and Customs Tariff Amendment (Taxation of Alternative Fuels) Bill 2011. The full text of the Bills and
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Over the past 20 years ‘global trade’ has come to mean trade between related entities of large, multinational corporations. These corporations often have complicated tax structures that allow them to create favourable tax positions in the markets in which they operate. To avoid being seen as engaging in ‘international profit shifting’, companies must adhere to
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On May 12, 2011, Trade Minister Craig Emerson and the Indian Minister for Commerce and Industry Anand Sharma formally launched negotiations for the Australia-India Comprehensive Economic Cooperation Agreement (CECA). The Agreement, once concluded, would reduce tariff barriers on goods and expand the trade in services between India and Australia. India is already Australia’s third largest
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The export community will no doubt welcome the two new proposed rule changes to ITAR, which will provide new exemptions and thereby ease licensing requirements for exporters of select U.S. origin defense articles, including replacement parts or components and incorporated articles, provided certain conditions are met. The proposed changes, published on 15 March, would add
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The Australian Customs and Border Protection Service administers the granting of Tariff Concession Orders (TCOs). A TCO is a form of legal permission to import a particular good duty free into Australia, provided there is no substitutable good produced in Australia on the date your TCO application is lodged, and the good does not appear
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In 2009, President Obama created a task force to review the U.S.’ current export control system. The task force, which included members from all departments and agencies with roles in export controls, was asked to make recommendations as to how to reform the system to ensure that items that pose the greatest threat to national
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Most importers in Australia, both public and private companies, do not have an accurate picture of how much they are spending on import duties, as a percentage of their cost of goods sold (COGS). As a consequence, these importers often overpay duty, fail to claim available duty refunds, and may not have conducted much analysis
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