Business
Investors and traders welcome new tax reduction plan
Businessmen and investors have welcomed the Islamic Emirate’s new tax reduction plan and said they support the initiative.
At a meeting in Kabul on Sunday, members of the private sector said that creating facilities and reducing taxes can benefit businesses and help boost economic growth in the country.
“In the past year, there has been considerable progress in the trade and transit sector. Last year, we had approximately 2,200 trade shipments,” said Mohammad Yunus Mohmand, acting head of Chamber of Commerce and Investment (ACCI).
According to the new tax reduction plan, for the growth and support of the private sector, tax on company profit has been dropped from 4% to 2%, while the 7% contract tax on agriculture, industry and commerce has been waived.
Educational centers have meanwhile been exempt for one year from paying profit tax.
Khanjan Alkozi, a member of the ACCI meanwhile said that in light of investors and factory owners now being supported, the chamber calls on them to ensure they produce quality goods that are sold at affordable prices.
Some traders said they are still facing numerous challenges but hope the new tax plan will ease their problems.
“The thing I would like to mention is the two percent tax that they (Islamic Emirate) say exporters must pay at the customs, but our request to the Islamic Emirate is that if this tax is reduced from two to 0.5 percent, it will be very good,” said one trader.
Based on this new plan, passport distribution and visa issuance facilities are supposed to be created for businessmen and industrialists in all zones of the country.
Business
Acting commerce minister meets Russian deputy PM
Nooruddin Azizi, Acting Minister of Industry and Commerce, met with Russia’s Deputy Prime Minister Alexei Overchuk to discuss trade and investment, it was announced on Friday.
Sergey Pavlov, General Director of Russian Railways, and Dmitry Zverev, Deputy Minister of Transport of Russia, were also present in the meeting, the Ministry of Industry and Commerce said in a statement.
According to the statement, the two sides discussed increasing the volume of trade, preferential tariff for Afghan goods, Russian investment in mines and water dams in Afghanistan, and Afghanistan’s role in the International North–South Transport Corridor.
They also discussed about reducing the cost of transportation through the Russian railway, removing the export tax on basic materials, arranging the trip of the delegation to the ports of Astrakhan and Makhachkala, and holding a trade connectivity conference and an expo of Afghan products in Moscow.
Azizi met with the Russian deputy PM on the sidelines of the Kazan Forum – the 15th International Economic Forum of Russia and the Islamic World.
He also met with representatives of a number of Tatarstan and Russia companies and encouraged them to invest in Afghanistan.
Business
Azizi meets with head of Tatarstan on sidelines of Kazan Forum
The Ministry of Commerce and Industry said Thursday acting minister Nooruddin Azizi met with the leader of Russia’s autonomous republic of Tatarstan, Rustam Nurgaliyevich Minnikhanov, on the sidelines of a meeting in Kazan.
According to the ministry, Azizi met with Minnikhanov on the sidelines of the Kazan Forum – the 15th International Economic Forum of Russia and the Islamic World.
The two officials discussed bilateral trade relations, the establishment of the Russian Trade House in Afghanistan, the visit of Minnikhanov to Kabul, investment in electricity production, water transfer, mining, cultural and economic cooperation and other matters.
This annual meeting is held by Russia and the 14th round of this meeting was also held in the same country last year.
The main goal of the forum is to strengthen trade and economic, scientific and technical, social and cultural ties between Russian regions and the countries of Organisation of Islamic Cooperation (OIC), as well as to promote the development of the Islamic financial system institutions in Russia.
Business
Afghanistan’s imports and exports totaled $10.3 billion last year
The National Statistics and Information Authority (NSIA) said on Wednesday that last year, the value of exports totaled $1.79 billion while imports totaled $8.57 billion.
According to NSIA, fruits accounted for the largest share of export items last year, totaling over $645 million.
Medicinal plants, minerals and vegetables were the next top three items respectively to be exported.
Meanwhile, petroleum and oil accounted for the largest portion of imported goods, totaling over $1.37 billion.
Another large portion of the total amount imported went to machinery, vehicles and parts. This totaled over $1.15 billion, followed by textiles, metals and metal products.
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