Search Results for: China

THE HONG Kong financial secretary has proposed a 75% reduction of profits tax, salaries tax and tax under personal assessment for the 2017-18 assessment year, up to Hong Kong dollars HKD30,000 (USD3,820) per case. In his annual budget speech, Paul Chan also proposed widening tax bands, adding one more (HKD150,000 to HKD200,000); adjusting marginal tax rates for salaries tax; introducing a personal disability allowance; increasing basic, additional child allowances, dependent parent/grandparent allowance and additional allowance.…

THE INDIAN perfumery and cosmetics sector is facing increased taxation and shortage of raw material supplies even as it is yet to cope with the functioning of the country’s new Goods and Services Tax (GST).

In the national budget presented on February 1, Indian finance minister Arun Jaitley doubled the customs duties for cosmetic and toiletry preparation products from 10% to 20% “to provide adequate protection to the domestic industry”.…

VIETNAM’S textile industry is being urged to adopt “cost effective and readily available” eco-friendly technologies to enhance its green credentials and reduce both production costs and air pollution. 

The US Agency for International Development (USAID) Vietnam Low Emission Energy Programme (V-LEEP) and the Vietnam Textile and Apparel Association (VITAS) have joined forces to encourage environmental good practice in the industry.…

A NEW multi-million dollar textile and clothing manufacturing hub is set to be established within the Crimea as a pressing Russian government priority to halt the annexed region’s trade in illegal textile products, according to Prime Minister Dmitry Medvedev.

Boosting domestic textile production – initially in garment fabrics and subsequently technical textiles – is aimed in part to depress demand for illicit goods in the peninsular, predominantly from China and Turkey.…

PAKISTAN’S government is considering a fresh package of incentives for the country’s exporters, including the key textile and clothing sector, which is particularly interested in the fact officials are examining reducing energy bills. Industry insiders have long argued high energy costs in Pakistan are one of the key factors for increasing production expenses, reducing competitivity and hence overseas sales.…

THE MALAYSIAN textile industry is pinning hopes on a government decision to reintroduce an export-targeted grant to revive the sector’s declining overseas business.  

The decision to reintroduce the Market Development Grant, offered to SMEs, was announced during the 2018 national budget unveiled in October 2017.…

BRITISH automakers who may be eying lucrative American markets as an alternative to sales that could be lost if the UK quits the European Union (EU) as planned next March (2019) could be disappointed, say experts.

This is despite data released by the UK’s Society of Motor Manufacturers & Traders (SMMT) at the end of January indicating exports of UK-made cars to the US rose by 7% year-on-year in 2017 to almost 210,000 units.…

Saudi Arabia is pushing ahead with ambitious plans to build 16 nuclear reactors, both small and large, to generate 17GWe by 2040. While no tenders have yet been awarded, the kingdom is working with numerous international partners to develop its nuclear infrastructure and safety systems.…

IF there is one issue that is a key focus of the north American nonwovens sector this year, it has to be the renegotiation of the North American Free Trade Agreement (NAFTA) between the USA, Canada and Mexico.

Tri-lateral talks have now reached their eighth round, with an objective of achieving a new deal by this summer, although observers believe this timescale might slip.…

WHILE Mongolia is a low-income country, with an annual per capita income of approximately USD3,590 in 2016 (said the World Bank), its economy is heavily reliant on mining, so increasing foreign investment in the sector is boosting the risk of dirty money entering the country.…