Cement News tagged under: tax

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BCMA calls for withdrawal of import tax

19 June 2020, Published under Cement News

The Bangladesh Cement Manufacturers Association (BCMA) has called for the withdrawal of a non-adjustable advance income tax (AIT), which is applied at both the import and supply stage, according to The Financial Express. "So far we know this non-adjustable tax is not applicable for any other sectors. I also do not know whether such type of tax is realised in other countries," said BCMA president, Alamgir Kabir. Currently, local manufacturers pay three per cent tax at the import stage and ...

Senegal sees another cement tax rise

28 April 2020, Published under Cement News

Senegal’s President, Macky Sall, has imposed a tax of XOF2000/t (US$3.30/t) on cement to finance social housing, according to Le Quotidien. The latest increase follows a XOF3000 hike only a few months earlier and cement producers have warned that the new tax will lead to a rise in cement prices and a spike in building material prices. However, consumers have disputed the arguments of the cement companies and said that the rise has already occurred.

Legislative Assembly approves Costa Rican cement tax

24 February 2020, Published under Cement News

In the first debate, Costa Rica’s Legislative Assembly has approved a bill that seeks a five per cent tax on the sale of all cement. The initiative establishes that the tax will be on all bulk and bagged cement that is destined for consumption or marketing at the national level, according to the Legislative Assembly. If produced domestically, the manufacturer of the product will be liable to the tax. However, in the case of imports, the natural or legal person who introduces the produc...

Costa Rica's Legislative Assembly calls for standardised cement tax

07 January 2020, Published under Cement News

Members of Costa Rica’s Legislative Assembly have called for the government to standardise municipal taxes on both local cement manufacturers and importers. In this case, a new five per cent tax would be imposed on all locally-produced and imported cement. Whereas, at present taxes are only applied on companies operating in San José, Cartago and Guanacaste.

BCMA requests the removal of non-adjustable income tax

02 December 2019, Published under Cement News

The leaders of the Bangladesh Cement Manufacturers Association (BCMA) have requested the waiver of an eight per cent non-adjustable advance income tax (AIT) imposed on imported raw materials and the supply of products, according to The Financial Express. "The gross profit of the cement manufacturing industry declined compared to previous years. It will be a question of survival if the eight per cent AIT is not waived," said Mohammed Alamgir Kabir, the president of the BCMA. Mr Kabir st...

Pakistan's local dispatches hit by tax measures

21 August 2019, Published under Cement News

Pakistan's cement industry is still facing number of challenges in terms of local dispatches and profitability due to stringent tax measures taken in the federal budget 2019-20 to overcome the country's current account deficit and meet the pre-conditionality of the IMF package. Other factors also hurting cement industry, including the high cost of doing business, interest rate hike, increased in utilities charges and axel load factor. The government wants to increase its tax revenue ba...

New tax bill proposed for cement sales in Costa Rican province

16 July 2019, Published under Cement News

Oscar Cascante, a deputy of Costa Rica’s PUSC party, is reportedly pushing for legislation that will see a five per cent sales tax on Cementos Fortaleza, a relatively new player in the country’s cement production sector. The company inaugurated its plant in Esparza, Puntarenas province, 10 months ago. Current legislation states that cement firms must pay five per cent tax on the price of every sale if they carry out production in Guanacaste, Cartago or San José. The taxes are then used by...

Cement dealers not picking cement from factories

05 July 2019, Published under Cement News

The protest of All Pakistan Cement Distributors Association (APCDA) has entered in its fourth day  and quantity of dispatches from factories are fast receding and may cause shortage in country, according to an electronic media report.  The dispatches of cement from cement factories to local dealers across Pakistan have been partially disturbed from 1 July 2019 owing to protest of All Pakistan Cement Distributors Association (APCDA) on introduction of new tax measures in the federal budget...

Cement distributors not happy with proposed tax measures

28 June 2019, Published under Cement News

All Pakistan Cement Distribution Association (APCDA) has shown some reservations on the proposed tax measures in the Federal Budget 2019–20 (effective from 1 July 2019) and appealed to the government to avoid taking such negative steps, which could be detrimental for the cement distribution business in the country. The association has submitted the open appeal to the Prime Minister of Pakistan, Imran Khan, Advisor to PM on Finance, Sk Abdul Hafeez, State Minister for Revenue, Hammad Azhar ...

CCJ rules in favour of reducing tax on imported hydraulic cement

18 April 2019, Published under Cement News

The Caribbean Court of Justice (CCJ) has ruled that the regional tax, known as the Common External Tariff (CET), payable on cement categorised as ‘other hydraulic cement’ should be set at five per cent. The ruling endorses a rate that is a fraction of the 60 per cent tariff that Barbados-based Rock Hard Cement had once paid on imports from Portugal and Turkey, according to the Jamaica Gleaner. In 2001, Caricom’s Council for Trade and Economic Development (COTED) had granted Barbados an ex...