More Efficient Customs Clearance and More Preferential Policies — Cross-border Trade Quality of Guangxi Improved and Upgraded

NANNING, China, March 14, 2023 /Xinhua-AsiaNet/– Right now, at the Youyiguan Port in Pingxiang City, Guangxi, trucks loaded with goods are crossing the China-Vietnam border. With the optimization and adjustment of entry-exit policies this year, this major trade corridor linking China to ASEAN and the rest of the world has returned to its previous bustling […]

NANNING, China, March 14, 2023 /Xinhua-AsiaNet/– Right now, at the Youyiguan Port in Pingxiang City, Guangxi, trucks loaded with goods are crossing the China-Vietnam border. With the optimization and adjustment of entry-exit policies this year, this major trade corridor linking China to ASEAN and the rest of the world has returned to its previous bustling and vibrant atmosphere.

Due to climate differences, fruits from ASEAN countries such as Vietnam and Thailand ripen earlier, and for China, March is the peak season for fruit imports. Fruits are perishable goods, posing high requirements on logistics transportation, warehousing and customs clearance. According to Huang Feifei, the chief of Youyiguan Customs Supervision Section I, “While administering strict inspections, the Customs also implements measures such as ‘green channels’ for imported fruits, ‘7*24 hours’ pre-booked clearance, and rapid laboratory testing, which substantially shorten customs clearance time for ASEAN fruit imports.”

In recent years, Guangxi has vigorously supported the infrastructure construction of key border ports, including more inspection checkpoints and larger cargo transfer sites. At the Youyiguan Port, it only takes around a minute or even less for trucks to pass through the checkpoint. According to Xia Gaofeng, Director of Chongzuo Foreign Affairs and Commercial Port Bureau, “We have implemented a series of reform measures such as one-stop customs clearance, fully information-based intelligent customs clearance, ‘advance review and clearance of import and export goods, and checkpoint inspection and release’, resulting in a significant reduction of time for vehicle customs clearance.”

The improvement of customs clearance efficiency has genuinely unleashed the potentials of the port, while Guangxi’s border financial reform has provided great convenience for cross-border trade. In the China (Dongxing Pilot Zone) ASEAN Currency Business Center, just a few steps away from Dongxing Port, a giant electronic screen displays the official exchange rate of RMB to VDN. Today, the area has realized the currency exchange between RMB and VDN using direct quote.

Financial reform along the border has benefited the people of both China and Vietnam, and cross-border trade has become more prosperous. In recent years, financial institutions such as Bank of Guilin have successively carried out cross-border transfer of RMB and VDN banknotes, and cross-border finance has gradually expanded from merely a transaction settlement business to multiple fields.

Wang Yunxiao, Vice President of Guilin Bank said, “We have also launched special border prospering and enriching financing products such as ‘Huibian Loan’, ‘Hushi Loan’ and ‘Bianyi Loan’ to meet the financial needs of border residents engaged in cross-border trade, enterprises engaged in processing of imported materials, and purchasers.”

Guangxi’s excellent border infrastructure is a guarantee for the rapid recovery of cross-border trade. The upgrading of border power grid has led to a leap in power supply capacity; the acceleration of the construction of border communication infrastructure has basically realized 4G network coverage; the constantly improving highway network, and the increasingly smoother logistics channels, and the like. The infrastructure of Guangxi’s border has been veritably enhanced due to the concerted efforts of multiple parties.

According to Wu Xiaohui, Executive Deputy Director of the Chongzuo District Management Committee of China (Guangxi) Pilot Free Trade Zone, Pingxiang has 13 cross-border railway trains and 22 cross-border highway logistics lines, capable of reaching more than 20 major hub cities in ASEAN countries, with logistics network covering the Indo-China Peninsula.

In order to facilitate investment, trade, cross-border capitals, and transportation, the People’s Government of Guangxi Zhuang Autonomous Region recently issued a multi-pronged plan to further promote the deepening of reforms and advance opening-up efforts.

Bai Lan, the Full-time Deputy Director of the Office of China (Guangxi) Pilot Free Trade Zone, introduced that the plan calls for the Guangxi Free Trade Zone to fully implement the pre-establishment national treatment plus negative management system list, and establish an operational and post-operational supervision management system that is compatible with the negative list management method, while promoting the opening-up of telecommunications, the Internet, education and other fields in an orderly manner, as well as the vigorously development of new forms and models of foreign trade such as cross-border e-commerce, offshore trade, and digital trade.

In addition, in terms of open development and exploration and innovation, the China (Guangxi) Pilot Free Trade Zone will hasten the exploration of institutional opening-up, create a Regional Comprehensive Economic Partnership Agreement (RCEP) demonstration projects cluster implemented as per high standards, benchmark against the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) rules, and carry out pilot trials and risk stress tests in key areas such as trade in services, financial opening, and digital economy.

Source: The Management Committee of China (Guangxi) Pilot Free Trade Zone

EQUITY ALERT: Rosen Law Firm Files Securities Class Action Lawsuit on Behalf of SVB Financial Group Investors– SIVB

NEW YORK, March 13, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of SVB Financial Group (NASDAQ: SIVB) between June 16, 2021 and March 10, 2023, inclusive (the “Class Period”). A class action lawsuit […]

NEW YORK, March 13, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of SVB Financial Group (NASDAQ: SIVB) between June 16, 2021 and March 10, 2023, inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2023.

SO WHAT: If you purchased SVB securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the SVB class action, go to https://rosenlegal.com/submit-form/?case_id=12882 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company failed to disclose to investors the risks presented by impending rising interest rates; (2) the Company failed to disclose to investors that, in an environment with high interest rates, it would be worse off than banks that did not cater to tech startups and venture capital-backed companies; (3) the Company failed to disclose that, if its investments were negatively affected by rising interest rates, it was particularly susceptible to a bank run; (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the SVB class action, go to https://rosenlegal.com/submit-form/?case_id=12882 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8787299

CONDOMINIUMS AND HOMEOWNERS ASSOCIATIONS CONFRONT RISING INSURANCE PREMIUMS, MAINTENANCE FEES, AND OPERATING COSTS

Falls Church, Va., March 13, 2023 (GLOBE NEWSWIRE) — Residents living in condominiums, homeowners associations, and housing cooperatives could be facing increased assessments due to growing operating costs and expenses. According to a new survey by the Foundation for Community Association Research, 91% of community association managers, professionals, and homeowners surveyed report they are seeing […]

Falls Church, Va., March 13, 2023 (GLOBE NEWSWIRE) — Residents living in condominiums, homeowners associations, and housing cooperatives could be facing increased assessments due to growing operating costs and expenses. According to a new survey by the Foundation for Community Association Research, 91% of community association managers, professionals, and homeowners surveyed report they are seeing unexpected increases in expenses due to rising costs and inflation.

Released today, the Foundation’s “Rising Costs in Community Associations” survey is the direct feedback from international community association board members, managers, and business partners— including accountants, reserve study professionals, and service providers.

According to survey respondents, management fees (92%), insurance premiums (91%), maintenance services (85%), staffing (74%), landscape services (72%), and reserve funding (64%) are the areas with the largest increases in costs.

When asked how they planned to address the unexpected costs, 73% of respondents report they plan to raise assessments, while 41% say they plan to reduce expenses, and 15% will lower their reserve funding contributions.

Forty percent of survey respondents plan to defer maintenance projects, and 31% are reducing landscaping programs, while 18% plan to reduce legal fees, and 14% will reduce community amenities. Renegotiating contracts, prioritizing projects, investing in energy efficiency, special assessments, utilizing contingency funds, and exploring bank loans are other efforts being considered.

As inflation continues to drive up material and supply costs, 87% of community association management companies say they plan to increase their fees this year, and 39% of these companies say their bids and proposals for community association services don’t expire.

The report further outlines best practices and considerations for communities when forecasting a financial plan, including current inflation conditions directly impacting condominiums and homeowners associations.

“As we witness inflation’s impact on the housing market, the results give us a better understanding of how these economic factors are challenging residents and the professionals who serve condominiums and homeowners associations,” says Dawn. M. Bauman, CAE, executive director of the Foundation for Community Association Research. “The new survey will be a valuable resource for communities needing to fulfill their fiduciary responsibility to homeowners while determining what products, services, and programs move forward.”

Media Contact:
Amy Hawkes Repke
Vice President, Communications & Marketing
arepke@caionline.org | (703) 624-2179

Dawn M. Bauman, CAE
Senior Vice President, Government & Public Affairs | Executive Director, Foundation for Community Association Research
dbauman@caionline.org | (703) 867-5588

About the Foundation for Community Association Research
Our mission—with your support—is to provide research-based information for homeowners, community association board members, community managers, developers, and other stakeholders. Since the Foundation’s inception in 1975, we’ve built a solid reputation for producing accurate, insightful, and timely information, and we continue to build on that legacy. Visit foundation.caionline.org.

About Community Associations Institute 
Since 1973, Community Associations Institute (CAI) has been the leading provider of resources and information for homeowners, volunteer board leaders, professional managers, and business professionals in the more than 358,000 homeowners associations, condominiums, and housing cooperatives in the United States and millions of communities worldwide. With more than 44,000 members, CAI works in partnership with 36 legislative action committees and 64 affiliated chapters within the U.S., Canada, South Africa, and the United Arab Emirates as well as with housing leaders in several other countries, including Australia, Spain, and the United Kingdom. A global nonprofit 501(c)(6) organization, CAI is the foremost authority in community association management, governance, education, and advocacy. Our mission is to inspire professionalism, effective leadership, and responsible citizenship—ideals reflected in community associations that are preferred places to call home. Visit us at www.caionline.org, and follow us on Twitter and Facebook @CAISocial.

Attachment

Amy Repke
Community Associations Institute
703-624-2179
arepke@caionline.org

GlobeNewswire Distribution ID 8787185

D.I.Khan: Two terrorists killed in exchange of fire with police

Two terrorists were killed in an exchange of fire with police near Baghwani bridge area of Dera Ismail Khan on Tuesday.The police were conducting a search operation in the area when the terrorists opened fire on them.Source: Radio Pakistan

Two terrorists were killed in an exchange of fire with police near Baghwani bridge area of Dera Ismail Khan on Tuesday.

The police were conducting a search operation in the area when the terrorists opened fire on them.

Source: Radio Pakistan

Elections for KP assembly to be held on 28th May: Governor

Governor Khyber Pakhtunkhwa Haji Ghulam Ali has said elections for the provincial assembly will be held on 28th May this year.Talking to the media outside the Election Commission of Pakistan in Islamabad this afternoon, he said we have fulfilled the co…

Governor Khyber Pakhtunkhwa Haji Ghulam Ali has said elections for the provincial assembly will be held on 28th May this year.

Talking to the media outside the Election Commission of Pakistan in Islamabad this afternoon, he said we have fulfilled the constitutional requirement by conveying the ECP of the election date in Khyber Pakhtunkhwa.

He said we were concerned about deteriorating law and order situation and other matters, including the ongoing population census and delimitation of constituencies in light of the findings of the fresh head counts of the population.

The Governor said we have given the election date for the provincial assembly and now it is responsibility of the commission and other concerned to hold elections in the province in a peaceful and transparent manner.

Source: Radio Pakistan

PMD forecasts rain-wind-thunderstorm in most parts of country from Thursday

Pakistan Meteorological Department has forecast rain-wind-thunderstorm in most parts of the country from Thursday.A westerly wave likely to continue till Monday.Under the influence of this weather system, rain-wind-thunderstorm is expected in various p…

Pakistan Meteorological Department has forecast rain-wind-thunderstorm in most parts of the country from Thursday.

A westerly wave likely to continue till Monday.

Under the influence of this weather system, rain-wind-thunderstorm is expected in various parts of Punjab, Islamabad, Khyber Pakhtunkhwa, Sindh, Balochistan, Kashmir, and Gilgit Baltistan.

The wind-hailstorm may cause damage to loose infrastructure and standing crops in the country.

Rain will be beneficial for the Barani areas of Punjab, Khyber Pakhtunkhwa, Kashmir and Gilgit-Baltistan.

The met office has advised the tourists to remain more cautious during the forecast period.

Source: Radio Pakistan

FBR Gives Unlimited Powers to Collectors of Customs for Issuing Refunds

The Federal Board of Revenue (FBR) has given unlimited powers to the Collectors of Customs for sanctioning the duty drawback or rebates of customs duty of any amount to the business community.On Tuesday, FBR notified SRO.342(I)2023 to fix the maximum m…

The Federal Board of Revenue (FBR) has given unlimited powers to the Collectors of Customs for sanctioning the duty drawback or rebates of customs duty of any amount to the business community.

On Tuesday, FBR notified SRO.342(I)2023 to fix the maximum monetary limit of the Customs officials for issuance of the refunds. The SRO issued by the FBR revealed that the Collectors of Customs are legally authorized to issue refunds without any monetary limit.

The Additional Collectors of Customs would now have the authority to sanction refunds up to Rs. 2.5 million. The Deputy Collectors of Customs have been empowered to issue refunds up to Rs. 1 million. The Assistant Collectors of Customs have been given the power to issue refunds not exceeding Rs. 0.2 million.

Under the relevant section of the Customs Act 1969, no refund of any customs duties or charges claimed to have been paid or over-paid through inadvertence, error or misconstruction shall be allowed, unless such claim is made within one year of the date of payment.

In the case of provisional payments made under section 81 of the Customs Act, the said period of one year shall be reckoned from the date of the adjustment of duty after its final assessment.

In the case where a refund has become due in consequence of any decision or judgment by any appropriate officer of Customs or the Board or the Appellate Tribunal or the Court, the said period of one year shall be reckoned from the date of such decision or judgment, as the case may be, Customs Act added.

Source: Pro Pakistani

FTO Directs FBR to Investigate Issue of Sales Tax on Computerized Arms Licenses

The Federal Board of Revenue (FBR) will investigate whether the National Database and Registration Authority (NADRA) is charging sales tax on computerized arms licenses issued in the form of cards to the federal/provincial governments.According to an o…

The Federal Board of Revenue (FBR) will investigate whether the National Database and Registration Authority (NADRA) is charging sales tax on computerized arms licenses issued in the form of cards to the federal/provincial governments.

According to an order issued by the Federal Tax Ombudsman (FTO) to the FBR on issues pertaining to NADRA, the complainant (registered informer of the FBR) filed a complaint filed under Section 10(1) of the Federal Tax Ombudsman Ordinance, 2000 (FTO Ordinance) against inaction on the part of FBR to take cognizance of the fact that NADRA, Islamabad was not charging sales tax on the supply of goods in the form of Machine Readable Passports; Vehicle Registration Cards and Computerized Arms Licenses.

The complainant stated that he is registered as an informer and according to him the supply of goods/services by NADRA was subject to levy and deposit of sales tax/FED, but no tax/ duty was being charged by NADRA.

Therefore, the complaint is against FBR for their inefficiency in taking cognizance of the fact that the NADRA is not charging sales tax on the supply of

• Machine Readable Passports

• Vehicle Registration Cards

• Computerized Arms Licenses.

The FTO order said that insofar as charging of sales tax on the supply of Computerized Arms License (in the form of cards) to the federal government and provincial governments, is considered, the LTO, Islamabad has stated that Under section 3 (2B) of the Islamabad Capital Territory (Tax on Services) Ordinance, 2001, the tax levied under sub-section (l) is not applicable to regulatory and licensing services rendered or provided by an organization established under a Federal Statute.

NADRA has been established under National Database and Registration Ordinance, 2000 which is a Federal Statute. Therefore, sales tax on arms licensing services of NADRA is not applicable.

The FTO’s findings stated that the NADRA is paying sales tax on the supply of Machine Readable Passports to the Directorate General of Immigration and Passport, Islamabad as the supply of services at 5 percent of value in the light of the ICT (Tax on Services) Ordinance 2001. They are regularly filing sales tax returns as informed by the Large Tax Office (LTO), Islamabad.

NADRA is charging and paying sales tax at 17 percent of the value (as goods) of chip-based Vehicle Registration Cards and as per contention of the Large Tax Office (LTO), Islamabad sales tax is not chargeable on the supply of Computerized Arms Licenses by NADRA in terms of ICT (Tax on Services) Ordinance 2001. However, they are silent about the chargeability of sales tax (on goods) under Sales Tax Act 1990.

In the light of elaborate discussion and legal provisions as supra, the Revenue Division is required to examine chargeability or otherwise of sales tax under the Sales Tax Act, 1990 on Computerized Arms Licenses in the form of cards, being supplied by NADRA, Islamabad to the federal government, and provincial governments on the analogy of Chip-based Vehicle Registration Cards, FTO order added.

Source: Pro Pakistani