Cement News tagged under: tax

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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...

Armenia to increase cement import levy

22 February 2019, Published under Cement News

Armenia’s government is taking measures to protect domestic cement producers from competition by cement producers in neighbouring countries. The state policy of subsidising the cost of gas and electricity in Armenia’s neighbours has led to a rise in more competitively-priced imports into Armenia. As result, output volumes at Armenia’s cement plants, Ararat and Hrazdan, have significantly decreased. Around 2Mta of product is currently stored in warehouses with only one-third sold. In Januar...

India's GST council may cut tax on cement

14 December 2018, Published under Cement News

India's Goods and Service Tax (GST) council may consider moving construction items, such as cement, out of its highest tax band of 28 per cent in its meeting next week, according to The Economic Times. Cement is one of 35 items left in the band which is primarily used to tax luxury items. Cutting the GST rate on the material is expected to provide a boost to the housing and construction industry. "While a general expectation has always been for restricting the 28 per cent rate list to onl...

Eagle Cement sees PHP350m in savings

22 June 2018, Published under Cement News

Eagle Cement Corp expects to generate some PHP530m in savings from the three-year income tax holiday granted by the government for the company’s recently-completed third production line in Bulacan. The savings will be generated over a three-year period between 2018-20. "That doesn't count yet other incentives that we get in terms of tax savings from the importation of certain equipment, bringing in the required equipment machineries from abroad. So we also get some kind of savings on cost...

The CMA calls on the government to lower tax on cement

18 May 2018, Published under Cement News

India's Cement Manufacturers' Association (CMA) has argued that cement should be brought under the lowest Goods and Services Tax (GST) slab. It currently attracts 28 per cent, the highest slab on a par with luxury goods in India. Speaking at the 14th Green Cementech 2018, the CMA claims that by lowering the GST, it will lower costs and aid cement demand. Philip Mathew, co-chairman of Green Cementech 2018 and chief manufacturing officer of ACC Ltd, said various cement manufacturers have...

Inchini Bedrock Cement is investigated for tax evasion

26 March 2018, Published under Cement News

Ethiopia-based cement producer, Inchini Bedrock Cement Plc, is being investigated by the Office of the Attorney General for alleged tax evasion of ETB133m (US$4.8m) over the span of six years. The Ethiopian Revenues & Customs Authority (ERCA) reports that the company is liable for ETB276m (US$10m), says All Africa. Inchini has declared losses in all but two of its years since its establishment seven years ago. But the Authority's Large Taxpayers Office (LTO) refuted these claims and conduc...

Costa Rica considers imposing 5% cement tax on net sale price

09 March 2018, Published under Cement News

The Costa Rican Legislative Assembly is to discuss proposing a five per cent tax on imported and locally-produced cement. The bill establishes that "… the tax on cement produced within the national territory or imported, will be of five per cent (5%) on the net sale price, both in the case of the national producer at the level of the production plant and for the importer at the level of the dispatch or storage site, excluding the corresponding sales or value-added tax, as well as any other...