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Thứ Tư, 30 tháng 11, 2016

India: Best Date for GST Implementation is April 1, 2017

30 November 2016

There is slight uncertainty about GST in India after the demonetization of Rs 500 and Rs 1000 denomination currencies. But the GST has already become a law which only needs rules for procedures, rate fixation and a date for introduction.
Traders and service providers will face many problems if the implementation date differs from the first day of the new fiscal year -
1) They will have to maintain two different sets of books of accounts for a financial year.
2) They should be ready for two assessments from two different tax authorities.
3) Different tax rates and changes in the input and output tax credits from one system to another system
4) Opening and closing stock valuation again in the middle of the year when the system changes.
- Instead of all these problems, selection of the first day i.e April 1, 2017  is certainly better for the new beginning.

India: GST on Cashew : Finance Ministry should Consider Veg Based Indian food Habit

23 November 2016

Actually dry fruits are not much costly when compared to the water and moisture content of a fresh fruit. Calorie wise also there is no match for cashew and almonds in the fresh fruit category.
A vegetarian will not consider cashew as a luxury item. In India, even a non vegetarian is predominantly vegetarian as the consumption of meat is only a small portion of his daily food intake.
So the finance ministry should consider cashew as a necessity for the Indian food habit.

Thứ Hai, 28 tháng 11, 2016

Vietnam: Cashew nut exports, prices increase on tight supplies

NOVEMBER 28, 2016

For the 10-month period January-October, cashew processors shipped roughly 290,936 metric tons of the precious nuts to foreign markets, generating US$2.34 billion in total revenue.
For the 10-month period January-October, cashew processors shipped roughly 290,936 metric tons of the precious nuts to foreign markets, generating US$2.34 billion in total revenue.

Exports to the US, China and the Netherlands – the three largest consumers of Vietnam cashew nuts – were US$795.4 million, US$332.7 million and US$315.8 million representing market shares of 34%, 24% and 23% respectively.
The cashew market is currently experiencing its highest prices in nearly five years, said the Department, due to low supplies caused by a combination of severe droughts and heavy rains earlier this year.
Vietnam accounts for 42% of the globe’s processed cashew nut exports. However, many of the cashew nuts are imported from West Africa, which is still experiencing severe droughts that could also affect next year’s crop.
For the ten month period, cashew nut processors imported 913,000 metric tons of raw cashew nuts, primarily from West Africa, valued at US$1.4 billion, up 17% in volume and 39% in value, the Department reported.

Kerala - India: Severe cash squeeze in cashew sector

KOLLAM: NOVEMBER 27, 2016 19:48 IST

Workers, unpaid for three weeks, meet factory owners

Cash crunch triggered by the November 8 demonetisation declaration is set to grip the cashew sector soon.
For the past three weeks, cashew workers had cooperated with the move despite not being paid their weekly wages on Fridays. Many employers had made arrangements with grocers to supply provision to the workers on credit.
But last Saturday, migrant workers, who constitute a major part of the cashew sector workforce, made it clear that they wanted cash. Many migrant workers met factory owners to convey their problem.
Factory owners told The Hindu that workers were not aggressive, but they were serious about the demand. Things cooled when the owners agreed to pay some cash. Amounts ranging from Rs.200 to Rs.500 per worker were paid by the owners. But they realise that things may not be that easy next Friday.
A medium-sized cashew factory requires more than Rs.7 lakh as cash a week as wages. Some of the bigger factory owners need at least Rs.1 crore. Factory owners say that for various reasons workers do not want their wages deposited in bank accounts.
Post-demonetisation, factory owners can withdraw only Rs.50,000 a week from current accounts. They accuse the State government and the trade unions of ignoring the sector during this crisis situation. In the interim, migrant workers, who have received a portion of their wages have started leaving for their native places. They have been telling the owners they will return when the situation eases.

Ignatius Pereira

Turkish market ripe for Tanzania's cashews

Publication date: 11/11/2016

An official at the Turkish Embassy has said that Tanzanians can benefit from Turkey's lucrative cashew nut market, which is desperate for more supplies of the popular snack.

Mr Onur Tekyildiz, the Commercial Attache in the Embassy of Turkey, told the 'Daily News' in Dar es Salaam that Turkey was a huge and reliable market for cashew nuts where Tanzanian business people can benefit tremendously from cashew nut export.

"The Commercial department in the Embassy of Turkey will facilitate trade relations between the two countries (Tanzania and Turkey). Our doors are open to assist," he said.

Mr Tekyildiz observed that the trade volume between the two countries reached 150 million US dollars last year, since the establishment of the Embassy of Turkey, and the Turkish Airlines direct flights, have also facilitated the trade growth between the two countries.


India: New income declaration scheme explained

BS Web Team  |  New Delhi 
Govt has proposed a total tax, penalty and surcharge of 50% on amount deposited since demonetisation

Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward to curb black money, bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 [Specified Bank Notes(SBN)] have been recently withdrawn the Reserve Bank of India.

Concerns have been raised that some of the existing provisions of the Income-tax Act, 1961 (the Act) can possibly be used for concealing black money. The Taxation Laws (Second Amendment) Bill, 2016 (‘the Bill’) has been introduced in the Parliament to amend the provisions of the Act to ensure that defaulting assessees are subjected to tax at a higher rate and stringent provision. 

Further, in the wake of declaring specified bank notes “as not legal tender”, there have been suggestions from experts that instead of allowing people to find illegal ways of converting their black money into black again, the Government should give them an opportunity to pay taxes with heavy and allow them to come clean so that not only the Government gets additional revenue for undertaking activities for the welfare of the poor but also the remaining part of the declared income legitimately comes into the formal economy. 

In this backdrop, an alternative Scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) has been proposed in the Bill. The declarant under this regime shall be required to pay tax @ 30% of the undisclosed income, and @10% of the undisclosed income. Further, a to be called ‘Pradhan Mantri Garib Kalyan Cess’ @33% of tax is also proposed to be levied. In addition to tax, and (totaling to approximately 50%), the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the ‘Pradhan Mantri Garib Kalyan Deposit Scheme, 2016’. This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality. 

An overview of the amendments proposed in the Bill are placed below.
General provision for penalty
(Section 270A) 
Under-reporting - @50% of tax 
Misreporting - @200% of tax
(Under-reporting/ Misreporting income is normally difference between returned income and assessed income)
No changes proposed
Provisions for taxation & of unexplained credit, investment, cash and other assets
TAX  (Section 115BBE)
Flat rate of tax @30% + + cess 
(No expense, deductions, set-off is allowed)
TAX  (Section 115BBE)
Flat rate of tax @60% + @25% of tax (i.e. 15% of such income). So total incidence of tax is 75% approx.
 (No expense, deductions, set-off is allowed)
(Section 271AAC) 
If Assessing Officer determines income referred to in section 115BBE, @10% of tax payable in addition to tax (including surcharge) of 75%. 
for search  seizure cases 
(i) 10% of income, if admitted, returned and taxes are paid
(ii) 20% of income, if not admitted but returned and taxes are paid
(iii) 60% of income in any other case
(i) 30% of income, if admitted, returned and taxes are paid
(ii) 60% of income in any other case
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY)New Taxation and Investment Regime
Undisclosed income in the form of cash & bank deposit can be declared:
(A) Tax, Surcharge, payable
     Tax                   @30% of income declared
                @33% of tax
                    @10% of income declared
       Total                  @50% of income (approx.)
(B)  Deposit
     25% of declared income to be deposited in interest    
     free Deposit Scheme for four years.  


Thứ Sáu, 25 tháng 11, 2016

Mozambican industrialists want to prevent export of raw cashew nuts

25 Nov. 2016

Industrialists from the cashew sector in Nampula province, the largest producer in Mozambique, are demanding a change in the law to prevent the export of raw nuts, the president of the Association of Cashew Industrialists (Aicaju) said recently. 

Yunus Mahomed said that the ban on exports of raw cashew nuts is essential to ensure the supply of raw materials to processing units, ensure jobs and allow the collection of revenues and the consequent payment of taxes.

Daily newspaper Noticias reported that foreigners, mainly from India, Pakistan and Bangladesh, travel to Nampula province at harvest time to buy the product directly from the producer/harvester.

Nampula province has a total of 33 cashew processing factories, 12 of which are in operation, employing about 13,500 workers the remaining 13 factories are at a standstill due to a shortage of raw materials, despite the province’s production reaching a average of 30,000 tonnes per year.

The provincial government recently announced it intend to buy 44,000 tonnes of cashew nuts to ensure the supply of raw material to factories in the province, to secure jobs and revenues for the state.

Tanzania: Cashew Nut Farmers Up in Arms About Delayed Payment

20 Nov. 2016

They aired their grievances at a public meeting convened by the MP for Ndanda, Mr Cecil Mwambe, at Mlingula Ward in Mtwara Region on Tuesday.
During the meeting, the farmers said they sold their cashew nuts to a regional cooperative union in September, and that they were to be paid two weeks later.
Mr Salum Almas, one of the farmers, said they did know when the organisation would pay them.
He blamed various challenges they are gappling with, including financial constraints, on the delayed payment.
"As small-scale farmers, we want to know when we will be paid. This is because we sent our produce to warehouses for weighing more than two months ago," he said.
Another farmer, Ms Glory Millanzi, explained that, in the 2016/17 season, they knew that they would benefit a lot from their produce because the price for the crop was good.
Ms Millanzi asked relevant authorities to step in, saying delayed payment frustrate their efforts to fight poverty. Mr Mwambe voiced his disappoinment on the delay and promised to work on the mater, telling the farmers that procedurally, they should be paid within five days.


Nigeria: Cashew farmers decry expatriates’ encroachment on plantations

25 Nov. 2016

Cashew farmers decry expatriates’ encroachment on plantations
The National Cashew Association of Nigeria (NCAN) has expressed concern over the encroachment on their farms by foreigners, saying the development was capable of denying the nation revenue from the crop.

NCAN’s national president, Tola Faseru, who spoke at the 2016 National Cashew Trade Administration meeting of the association in Ogbomosho, Oyo State, noted that the encroachment had been causing distractions for local farmers, which could cause low quality produce, reduced value at the international market and lower purchasing power for Nigerians farmers.
“Expatriates are positioned in the bushes to buy directly from the farmers thereby taking away the much needed jobs from our people,” he stated.

Faseru said the international markets expect 8 percent moisture of the cashew for the best quality and when cashew is not well-dried, it is difficult to achieve this quality and such low quality of the product will spoil the image of the country.

“We want our farmers to dry their cashew to 8 percent at the farm gate and at the earliest time so that it will meet international standards and if all these are done well, the farmers will earn more, the country will earn more and most importantly the interest for Nigerian cashew in the international market will continue to increase,” he explained.


Guinea-Bissau: From cashew nut to steak

25 Nov. 2016

Mariama Bonso is a cashew producer in Guinea-Bissau. Processing her product at Buwondena Cooperative has allowed her to send her children to school. 

The cooperative has taught local producers a new approach to business.

Video link:


India: Cashew market mostly quiet

European buyers of cashew nuts have been very quiet for the last two months already but now it seems that US and Chinese buyers have disappeared from the market as well, commodity broker Amberwood Trading observed. This has had the inevitable impact of dampening prices.
he US and China are very important export markets for cashews.
“As a result of the lower demand from China and the USA, prices for the various grades of cashews are under pressure with W320’s now being offered between USD455-4.60 per lb fob,” the company

Read more:

Mozambique increases cashew nut sales

25 Nov. 2016

The sale of cashew nuts in Mozambique in the 2016/2017 campaign is expected to reach 120,000 tonnes, compared to the almost 100,000 tonnes recorded in the previous year, reports the director of the National Cashew Institute of Mozambique.

The institutes’s director Ilídio Bande said there are good indicators in all provinces producing nuts.

According to media reports, the beginning of the cashew nut marketing year is the culmination of a preparation process involving producers, service providers, government agencies and other stakeholders so that the whole process is conducted smoothly.
Source: Fresh Plaza


Mozambique: Cashew industry calls for ban on raw exports

25 Nov. 2016

MOZCAJU (File photo)

Industries in the cashew sector in Nampula are demanding the revision of the legislation related to the sector as a way to ensure some protection for the industry and guarantee the supply of nuts to processing units.
Year-round operation of factories would ensure that the industry can earn taxable income, as well as guaranteeing jobs that are the basis for improving the living conditions of the population.
Yunus Mahomed, president of the Cashew Industry Association (AICAJU), said recently that it was vital to stop the export of raw cashew nuts, which threatened to paralyse factories for lack of raw materials.
According to the Noticias report, buyers from India, Pakistan and Bangladesh are visiting Nampula at harvest time to buy product directly from the producer. This creates imbalances in the market and constitutes unfair competition for cashew traders and industrialists in Nampula because of the high prices paid for the nuts.
In order to export the raw product, Asian operators declare the cashew nuts as beans to deceive the customs and port authorities. Where successful, this costs the state large sums, since it does avoids the 19 percent export surcharge.
Nampula has a total of 33 cashew nut processing factories, of which 12 are in operation, employing about 13,500 workers. Thirteen factories are closed because of lack of raw materials, despite the province’s production averaging 30,000 tons per year.
Under a recently launched cashew marketing campaign, the province of Nampula proposes to buy about 44,000 tons to supply the factories, with the main objective of securing jobs and revenue collection.
Responding to the cashew industry’s concern, Minister of Industry and Trade Max Tonela said on a recent visit to Nampula that his sector and that of Agriculture and Food Security would meet soon to discuss strategies for solving the problem.
He confirmed that he had received complaints from AICAJU concerning false declarations in the export of cashew nuts from the Port of Nacala, promising a serious approach in an appropriate forum, because, in his words, the state should not be damaged.
Source: Noticias

India: Production falls in cashew processing units

Thu Nov 24 2016

The demonetisation drive has crippled the cashew processing industry in Srikakulam district which is largely dependent on the festival season from October to January for nearly 40-50 per cent of the trade throughout the year.

According to sources, Srikakulam district is home to around 330 registered cashew processing units out of which around 260 are located in and around Palasa mandal. The sources said more than 90 per cent of the cashew processing units have stopped production after the demonetisation drive was announced due to payments issues related to labour and sale of processed cashew. The processed cashew is sold in the range of around Rs 450-850 per kilo depending on the quality. However, the prices have dropped by around Rs 75-100 per kilo after the demonetisation drive was introduced, according to the sources.

The cashew processing industry provides direct employment to around 10,000 people while another 5,000 people are indirectly dependent on the industry for their livelihood.

Speaking to TOI, Palasa Cashew Manufacturers Association president M Srinivasa Rao said, "Sale of processed cashew is seasonal and based on festivals. Most of our sales happens between Dasara and Sankranti festival. While Deepavali sales were not affected, there is a demand during this time of the year for local festivals in Bihar and neighbouring areas. Also, December is the season for weddings during which time there is a demand for cashew. These sales have been hit due to problems with transactions."

Furthermore, he said, "We are able to withdraw around Rs 50,000 per week, but the production cost per week comes to around Rs 1.25 lakh and we are facing difficulties in making payments." Also, he said some of the cashew processing units are facing issues in imports from African countries as it is stuck at different ports due to the cash crunch.

Another industrial unit manager said, "Many of the traders who had paid a part of the advance for procuring the cashew for the festivals in Bihar are not able to take the stock of processed cashew as they are finding it difficult to find buyers. During this time of the year, on an average, around 400 tonnes of raw material is used per day for production, but now not even 20-30 tonnes is being used in Palasa by the units for processing the cashew."

Proprietor of Modern Cashew Ganesh Raju said, "Cash flow has stopped due to which Palasa market has been hit. If this move had been introduced in February or March, then it would not have affected the region as much as now."


Tanzania: Shilling to Remain Stable Thanks to Cashew Exports

Thu Nov 24 2016

Kết quả hình ảnh cho tanzania

Cashew nuts export earnings are expected to stabilize the shilling throughout December to next February, money experts projected.

The shilling remained stable against the US dollar closing at 2170/90 on Tuesday.

"We expect the pair to remain stable towards the year end supported by dollar inflows from commodity exports, such as cashew nuts," CRDB said on its daily financial market highlights report. The report pointed out that cashew nuts exports will hold the shilling stabilisation through December to February.

Bank of Tanzania (BoT) monthly economic review for October shows that cashew nuts export has reached 182.3 million US dollars at the year ending September. While money experts figuring out that cashew nuts export inflows will stabilize the shilling, the crop value at international markets has gone down. The crop forex generation went down by some 29 per cent on year-to-year basis.

"The decline in the value of cashew nuts occurred in both export volume and prices," BoT report indicates. The report shows that in similar period ending last September, cashew nuts generated 255.2 million US dollars.

However to add value of the crop export, Cashew nuts Board of Tanzania (CBT), envisaged to rise nuts' processing by 30 per cent from current 10 per cent. CBT said early this year, the construction of three big cashew nuts processing factories were scheduled to start in the 2016/17 fiscal year.

The three factories are financed by the Cashew nuts Industry Development Trust Fund (CIDTF) and will be constructed in Tunduru, Mtwara Rural and Mkuranga districts. So far since 2016/17 season started four auctions have been conducted in Lindi and Mtwara regions with 10,170,438 kilogrammes sold.

A kilo of cashew nuts is 4,000/- in this season. Tanzania produces between 150,000 and 200,000 tonnes of cashew nuts, most of which is exported in raw form. The country's cashew nuts are considered one of the best quality nuts in the world.

Tanzania is among the list of top 10 world producers. The export of raw cashew nuts however is widely ridiculed as an export of jobs for Tanzanians to foreign countries while denying producers of their rightful income due to the meager prices that the raw produce attracts.


Thứ Năm, 24 tháng 11, 2016

Nigeria: NCAN raises alarm over encroachment of foreigners into cashew farms

24 Nov. 2016

Cashew nuts
Cashew nuts 

By Babajide Komolafe The National Cashew Association of Nigeria, NCAN, has raised alarm over the encroachment of foreigners into cashew farms across the country. 

Nigeria produces about 150,000 metric tonnes of cashew annually and is rated fourth largest producer of cashew nuts in Africa and seventh in the world. 

Speaking at the 2016 National Cashew Trade Administration meeting of the association in Ogbomosho, Oyo, NCAN President, Mr. Tola Fasheru, said: “The encroachment of foreigners has been causing distractions for local farmers, and the consequence of this is low quality of products, reduced value at the international market and most importantly lower purchasing power for the Nigerian farmers. 

He averred that, “The encroachment into cashew farms by foreigners is inimical to the value chain system and cuts off our locals from participating in the trade. Expatriates are positioned in the bushes to buy directly from the farmers thereby taking away the much needed jobs from our people. If our people cannot buy produce what else do you want them to do?’ 

Fasheru noted that the international market expects 8.0 percent moisture in the cashew for the best quality and when cashew is not well-dried, it is difficult to achieve this quality and such low quality of product will spoil the image of this country. 

According to him: “We want our farmers to dry their cashew to eight percent at the farm gate and at the earliest time so that it will meet the international standard and if all these are done well, farmers will earn more, the country will earn more and most importantly the interest for Nigerian cashew in the international market will continue to increase” 

Also speaking at the meeting, former governor of Oyo State, Chief Adebayo Alao Akala, frowned at the practice of foreigners bombarding the farm gates to buy cashew and said this should stop now. 

He said this poses big risk to the nation especially in this age of security concerns. He  appealed to the association to do its best in ensuring that cash crops return as the major foreign exchange earner for Nigeria now that the country is moving away from a monolithic economy