Cement News tagged under: tax

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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...

PPC Zimbabwe files High Court application

12 December 2017, Published under Cement News

PPC Zimbabwe has filed a High Court chamber application for an interdict order to stop the Zimbabwe Revenue Authority (ZIMRA) from recovering a disputed US$3m interest and liability claim from its accounts, according to NewsDay. PPC Zimbabwe has stated in its application that ZIMRA was threatening to recover the money although the issue had yet to be resolved in court. ZIMRA’s interest and liability claim is based on the interest accrued on a tax liability claim of US$22m, which PPC Zimba...

UltraTech

26 June 2017, Published under Cement News

UltraTech Cement will be bracing itself for the impact of the new Goods and Services Tax (GST) on the price of Indian cement. The new GST regime, which is due to be introduced on 1 July, will see the price market change for most commodities. With cement forecast to attract a GST of 28 per cent, cement prices are expected to increase, at least temporarily, raising the cost of infrastructure and housing in the country. So far this year, Indian cement prices have risen since March, only to f...

Vietnam: cement exports hit by rising tax costs

23 February 2017, Published under Cement News

Vietnamese cement exporters have warned that the loss of tax exemptions and the existing export tax have pushed up the cost of their products on international markets, harming their ability to compete, Vietnam News reports. An export tax of US$5/t and a 2016 change to VAT rules have meant that the average cost of a tonne of exported cement has increased by US$7.50, while a tonne of clinker is now US$4.50 more expensive. “Many cement producers could face risks of halting their productio...

Dangote Ghana’s biggest taxpayer of 2016

20 January 2017, Published under Cement News

The Ghana Revenue Authority has recognised Dangote Cement as being the single largest taxpaying entity in the country, Business Ghana reports. The firm paid taxes and duties totalling GHS150m (US$35.5m) over the past year. “The payment of our taxes demonstrates our commitment to making a significant contribution to the growth of Ghana’s economy. We are looking at continuing this feat in future by expanding our operations to meet the needs of our customers in the country and creating mo...

Senegal: government introduces new tax on cement

06 January 2017, Published under Cement News

As of 2 January, the price of cement in Senegal has increased by XOF3000 (US$4.84)/t. The Senegalese government has implemented a new tax of XOF3/kg on cement. The tax will be applied by all three domestic cement companies - Sococim, Ciments du Sahel and Dangote Cement Senegal. It is part of the government’s efforts to reduce loss in income, according to the Senego news service.  Sellers are expected to pass on the new tax to customers.The Consumers Association of Senegal has expressed ...

Nigeria: removal of cement tax incentive

12 August 2016, Published under Cement News

The removal of pioneer status tax incentive for the cement industry has caused concerns for operators in the real sector, who feel the development will send the wrong signal to investors. The issue was raised by the President of Manufacturers Association of Nigeria, Dr Frank Jacobs, with the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, at a recent stakeholders’ meeting. Dr Jacobs said, “The news of government withdrawing the pioneer status tax incentive enjoyed by th...

Pakistan: producers warn that tax increase will encourage smuggling

26 July 2016, Published under Cement News

The All Pakistan Cement Manufacturers Association (APCMA) has warned that the decision to impose an additional excise duty imposed in this year’s federal budget 2016-17 could lead to a rise in smuggling of cement from Iran. The Nation reports that the Pakistani cement industry lost 1Mt in sales due to Iranian cement being smuggled into coastal areas. The APCMA criticised what it said was a lax regime of border controls and called on the government to act. Cement producers in Pakistan n...

Pakistan: Lucky Cement highlights its social impact

18 July 2016, Published under Cement News

The largest Pakistani cement manufacturer, Lucky Cement, has highlighted the contribution its operations have made to their locality and the country’s economy reports the Daily Times. Lucky Cement has pointed out that in 2014-15 it paid the government more than PKR7bn (US$67m) in sales and income taxes and generated PKR14bn (US$134m) in foreign exchange. In addition, the company has undertaken a programme to provide clean water supplies to residents of Pezu, its base of operations, whi...