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Gold importers come under tax scanner in India
Gold importers come under tax scanner in India Issac John / 20 January 2014 Analysts said the latest move, which comes in the wake of a rise in the import tariff value of gold to $407 per 10 grams last week by India, is expected to incentivise the illegal transportation of gold into India. Financial details of Indians bringing in gold from abroad after duty payment will henceforth be shared by customs authorities with Income Tax department. The dramatic joint move by customs and tax authorities is aimed at curbing suspicious ferrying of gold into India by carriers — mostly low income expatriate workers in the Gulf — deployed by organised gang of ‘indirect’ importers. Analysts said the latest move, which comes in the wake of a rise in the import tariff value of gold to $407 per 10 grams last week by India, is expected to incentivise the illegal transportation of gold into India, the largest yellow metal consumer in the world with imports surging to 830 tonnes in 2012-13. Under the current rule, an Indian who has been living abroad for over six months can legally bring in a kilo of gold after payment of duty. The duty, which is charged at the rate of 10 per cent of the value, is payable in currency of the nation where the gold was bought. Besides, a man can also bring in gold jewellery worth Rs50,000 and women Rs100,000, without payment of any duty, provided they live abroad for more than a year. Indirect gold importers in India have been paying Rs50,000 to Rs75,000 and free air tickets to each carrier for importing one kilo of gold. A smuggler is able to make a profit of Rs75,000 on every kilo of gold even after paying the duty and the commission to the carriers. The smuggled gold is being sold to jewellery makers in Kerala, Tamil Nadu and Andhra Pradesh. According to reports, gold that was brought in after paying the required duty totalled 80kg in a week last month at Kerala’s Calicut airport alone. However, the new move to put the person bringing the gold under the income tax net may deter many from acting as carriers. Officials in the Directorate of Revenue Intelligence (DRI) said at least 3,000kg of gold has been legally brought into the country after payment of customs duty during 2013-14. “There is a possibility of an organised gang of hawala operatives who could be exploiting these people after paying money. The PAN card details of these flyers are being shared with Income Tax department to ascertain source of their income and avoid possibility of any wrongdoing,” a senior DRI official said. Informed source say that the carriers may have to pay wealth tax if they declare that the gold brought by them is for themselves. If they say the gold is sold they will be forced to pay the sales tax. In that case, they will also have to produce the documents for the sale. issacjohn@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Iran has stopped high-end uranium enrichment: UN
Iran has stopped high-end uranium enrichment: UN (AP) / 20 January 2014 That level of enrichment is only steps away from bomb-making capability. An Iranian technician walks through the Uranium Conversion Facility just outside the city of Isfahan, Tehran. AP The UN nuclear agency is confirming that Iran has halted its most sensitive uranium enrichment work as part of a landmark deal struck with world powers. A report by the International Atomic Energy Agency says Iran stopped 20 per cent uranium enrichment by cutting the link feeding cascades enriching uranium at Nantaz and Fordo. That level of enrichment is only steps away from bomb-making capability. The IAEA also says Iran gave assurances it will not enrich uranium at other locations during a six-month period in which Tehran and major powers will negotiate a final deal on its nuclear program. For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
General Shaikh Mohammed opens World Future Energy Summit
General Shaikh Mohammed opens World Future Energy Summit 20 January 2014 As the centrepiece of the Abu Dhabi Sustainability Week, WFES 2014 expects to receive 30,000 attendees from over 172 countries. General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, attended the official opening ceremony of the 7th edition of the World Future Energy Summit (WFES) being held at the Abu Dhabi National Exhibitions Centre (ADNEC), as part of Abu Dhabi Sustainability Week. The summit runs from January 20-22, 2014 and is held under the theme: “Powering the Future of Energy Innovation”, saw the participation of a number of heads of states and governments, representatives of international organisations, international companies and experts. The World Future Energy Conference (WFES), which is the largest summit of energy experts, will share the best international practices, unveil new products and discuss sustainable solutions to tackle present and future energy challenges. As the centrepiece of the Abu Dhabi Sustainability Week, WFES 2014 expects to receive 30,000 attendees from over 172 countries, up from the 152 countries that participated last year. Since its inception in 2008, WFES has grown to become the leading discussion platform for renewable energy, clean technology and sustainability, and it is now considered the pre-eminent international event for government and industry decision makers to find viable, sustainable solutions to the world’s growing energy challenges. Hosted by Masdar, Abu Dhabi’s renewable energy company, WFES 2014 is the centerpiece of the Abu Dhabi Sustainability Week, the largest ever gathering on sustainability in the Middle East. The event comprises a world-class conference that offers an unparalleled forum for political, business and intellectual debate and a large-scale exhibition which facilitates networking and transactions between manufacturers, suppliers and customers across both the public and private sectors. Global decision and opinion makers include UAE Minister of Energy Suhail bin Mohamed Faraj Fares Al Mazrouei; Rachel Kyte, vice-president for sustainable development at the World Bank; and Maria van der Hoeven, executive director of the International Energy Agency. Around 125 speakers will address delegates during the conference programme, on topics such as waste-to-energy, natural gas and the evolving energy mix, energy efficiency, and renewable technology innovation. Other high-level speakers at the event include Marie-Jose Nadeau, president of the World Energy Council; Saif Al Sayari, executive officer of energy solutions, Taqa; Santiago Seage, CEO of Abengoa Solar; and Kazuo Furukawa, chairman of the New Energy and Industrial Technology Development Organisation. More than 900 exhibiting companies will take part in WFES, International Water Summit, and the inaugural EcoWASTE, with more than 200 new products to be unveiled at the three shows. New and expanded exhibition features at WFES this year include the Project and Finance Village, showcasing over 20 renewable energy projects from the region and beyond. For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
