Cement News tagged under: tax

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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...

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...