Business

EU sues Britain again, saying Northern Ireland bill erodes trust

Published

2 years ago

23/07/2022

MNN

EU challenges a British government bid to scrap parts of post-Brexit trade arrangements in Northern Ireland.

The European Commission has launched four new legal proceedings against Britain over London’s failure to implement Brexit divorce terms to govern trade with Northern Ireland.

“Despite repeated calls by the European Parliament, the 27 EU member states and the European Commission to implement the Protocol (on Northern Ireland), the UK government has failed to do so,” a statement said on Friday.

The proceedings by Brussels add to the legal caseload after a year-long truce as the EU challenges a British government bid to scrap parts of post-Brexit trade arrangements in Northern Ireland.

The UK government last month unveiled legislation to unilaterally change trading terms for the politically-fraught British province and the plan is now making its way through parliament.

“In the spirit of constructive cooperation, we have refrained from launching new internal procedures for over a year to create the space to look for joint solutions with the UK,” said EU spokeswoman Arianna Podesta.

“However, the UK’s unwillingness to engage with them in a meaningful manner in discussions since last February, and the continued passage of the Northern Ireland Bill through the UK Parliament go directly against the spirit of cooperation.”

Trade war

The EU also accused the UK of investing “little time in explaining the Protocol to people and businesses in Northern Ireland, and did not prepare them adequately for the changes Brexit caused”.

The EU said the new proceedings target a series of violations including failure to implement the EU’s custom rules, which was raising the chances for illegal products entering Europe and facilitating fraud.

Britain was also accused of failing to implement EU alcohol excise taxes.

The four legal proceedings will be added to existing ones that also target trade matters on the island of Ireland.

In one of those cases, involving food imports, the EU on Friday warned that it would take Britain to the blocs European Court of Justice if London failed to take the measures required.

Under the terms of its divorce, Brussels could also suspend portions of the EU-UK trade agreement, sparking a trade war when the economy in Europe is already fragile over a real war in Ukraine.

The protocol requires checks on goods arriving into Northern Ireland from England, Scotland and Wales, to track products that could be potentially headed onwards to the bloc’s single market via the Republic of Ireland.

This creates a customs border down the Irish Sea, keeping Northern Ireland in the EU’s customs orbit to avoid a politically-sensitive hard border between the British territory and EU member Ireland.

Source: TRT

Business

Maldives records USD 802.2 million in first four months

Published

9 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

7 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews