TRADEWINDS
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UAE
BHEL receives order for two gas turbines |
In a statement issued on October 15, Bharat Heavy Electrical Limited (BHEL) stated that it had received an order from Al Ghail Power, a wholly owned unit of Ras Al Khaimah Investment Authority for two gas turbine generating units of 42MW each, valued at Rs 1.5 billion ($38 million).
TRIL signs joint venture with Jafza International
TRIL signed a 50:50 joint venture with Jafza International, the global operation arm of Economic Zones World of Dubai in Mumbai on October 30. It will be engaged in developing a network of Business and Logistics Parks.
L&T to build villas in Dubai Sports City
On October 31, L&T formed a joint-venture with UAE-based Eastern International LLC, a Bukhatir Group Company, to build 295 villas in a residential community with a golf course in Dubai Sports City. The project is worth Dh558 million and will be completed at the end of 2009.
Bank of Baroda to manage Escrow Account of Builders
Bank of Baroda announced that it has entered into an Escrow Account Agreement with Dubai Land Department. The agreement was signed at the Dubai Land Department office between Sultan Butti bin Mejren, Director General of Dubai Land Department, and Ashok K. Gupta, Chief Executive Officer of Bank of Baroda.
Through this agreement, Bank of Baroda is authorised as an approved bank for opening and managing escrow account of property developers registered with the Dubai Land Department. With this, Bank of Baroda has become one of the few banks in the UAE to provide escrow account services to the builders.
Limitless to develop township near Bangalore
Limitless, the internationally-focused development arm of Dubai World has said it would develop a Dh44 billion ($12 billion) mixed-use township near Bangalore. The company said the Bidadi Township will be India’s biggest new urban community, sprawling over 4,000 hectares and housing approximately 750,000 people. The project will be a 50:50 joint-venture with New Delhi-based real estate group DLF, one of the country’s largest developers. Phased construction work is expected to begin in the first half of 2008, with total project completion scheduled for 2016.
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VIETNAM
Vietnam cuts import duty on New Car |
Vietnamese Deputy Minister of Finance, Truong Chi Trung agreed to slash import tax on new automobiles to 60 per cent from 70 per cent on October 19, 2007, the third reduction since early this year. The decision, which is to be effective from November 3, is aimed at diversifying local automobile supply to cool down the fever. The Ministry is considering lowering up to 10 per cent of import tax on second-hand cars. Between January and September, car sale rose up 83 per cent on year to 49,240 units.
As one of the fastest growing economies, Vietnam imported $886 million of automobile in the first nine months, up 80.5 per cent on year, including $307 million of complete knock-down units, up 95.6 per cent on year, according to the its General Statistics Office.
Titan to set up plant in Vietnam
In its biggest global push till date, Indian watch major Titan Industries is setting up an assembly plant in Vietnam. The move is intended to provide Tata’s managed Watch and Jewellery Company with better access to emerging markets in South East Asia. The Rs 2000-crore Titan is set to unfurl a significant retail push in South East Asian markets. Titan, which is currently present across 30 countries through distributors, now plans to set up exclusive stores in these markets.
The markets in South-East Asia present the company with new opportunities as other watch majors like Citizen and Seiko are moving up the value chain. This provides the domestic major an opportunity to go after the mid-priced segment, which the other global brands are leaving behind. According to industry analysts, Titan’s mid-market strategy in Southeast Asian markets fits well with its core strengths. Titan’s over 50% share of the domestic watch market is primarily driven by its grip over the mid-priced segment. Currently, Titan sells nearly 800,000 units in international markets but hopes to sell around one million watches by next year.
Tata Steel signs pact with Vietnam Steel Corporation
On October 31, 2007, a Memorandum of Understanding underscoring the partnership was signed between Tata Steel and Vietnam Steel Corporation in Ha Noi for setting up a steel cold rolled plant in Vung Ang Industrial Zone in Ha Tinh province. The ceremony was attended by Mr. Do Huu Hao, Vice -Minister of Trade and Industry of Vietnam, Mr. Lal. T. Muana, Ambassador of India to Vietnam. The agreement is part of a cooperative pact reached during a recent visit to India by Prime Minister Nguyen Tan Dung.
Earlier, the two corporations inked an agreement for a metallurgy plant in central Ha Tinh province, which will churn out 4.5 million tonnes of products per year. According to Tata’s Managing Director, H M Nerurkar, the cool-rolled steel plant would serve as an outwork facility for a steel project in Vung Ang economic zone in Ha Tinh province. The company is strengthening its existing relationship with VSC. It has already an MoU with VSC for a Steel Project and another JV through NatSteel.
Maps from worldatlas.com
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NOTIFICATION NO 43/2007-Service Tax, Dated: November 29, 2007
In exercise of the powers conferred by sub-section
(1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service, specified in sub-clause (zzo) of clause (105) of section 65 of the said Finance Act (hereinafter referred to as the said service), provided in relation to business exhibition of goods by the organiser of business exhibition to a manufacturer of goods falling under Chapters 57, 61, 62 and 63 of the Central Excise Tariff Act, 1985 (hereinafter referred to as the said manufacturer), from the whole of the service tax leviable thereon under section 66 of the said Finance Act, subject to the following conditions, namely:-
(a) prior to availment of exemption under this notification, the said manufacturer has exported goods falling under Chapters 57, 61, 62 and 63 of the Central Excise Tariff Act, 1985 (hereinafter referred to as the said goods) and is registered as exporter of said goods with any of the following organisations, namely:
(i) Apparel Export Promotion Council; (ii) Carpet Export Promotion Council; (iii) The Cotton Textiles Export Promotion Council; (iv) Handloom Export Promotion Council; (v) The Indian Silk Export Promotion Council; (vi) Powerloom Development & Export Promotion Council; (vii) Synthetic & Rayon Textiles Export Promotion Council; (viii) Wool & Woollens Export Promotion Council; (ix) Wool Industry Export Promotion Council; (x) Jute Manufacturers Development Council; (b) the exemption shall be claimed by the said manufacturer for the said service received; (c) the exemption claimed by the said manufacturer shall be provided by way of refund of service tax paid on the said service; (d) the said manufacturer claiming the exemption has actually paid the service tax on the said service; (e) no CENVAT credit of service tax paid on the said service has been taken under the CENVAT Credit Rules, 2004. 2. The exemption contained in this notification shall be given effect to in the following manner, namely:- (a) the person liable to pay service tax under section 68 of the said Finance Act shall pay service tax as applicable on the said service provided to the said manufacturer and such person shall not be eligible to claim exemption for the said service; (b) the said manufacturer shall claim the exemption by filing a claim for refund of service tax paid on the said service to the Assistant Commissioner of Central Excise or the Deputy Commissioner of Central Excise, as the case may be, having jurisdiction over the factory of manufacture or warehouse; (c) the claim for refund shall be filed on a quarterly basis, within sixty days from the end of the relevant quarter during which payment of the value of the said service and the service tax thereon has been made; (d) the refund claim shall be accompanied by documents evidencing payment of service tax on the said service for which claim for refund of service tax paid is filed; (e) the Assistant Commissioner of Central Excise or the Deputy Commissioner of Central Excise, as the case may be, shall, after satisfying himself that the said service has been actually used by the said manufacturer in relation to business exhibition of the said goods manufactured by him, refund the service tax paid on the said service. 3. The exemption contained in this notification shall be valid upto 31st March, 2009. 4. This notification shall come into force on the date of its publication in the Official Gazette. |
