Robert Besser
26 May 2022, 07:42 GMT+10
NEW DEHLI, India: In a move expected to end the country's exports of the raw materials needed to manufacture steel, the Indian government has imposed a 50 per cent export tax on all grades of iron ore.
India's finance ministry has said the higher tax came into force on 22nd May.
Iron ore, with an iron content of more than 58 percent, was already subject to an export duty of 30 percent, making it too expensive for export. But the government has now imposed a 50 percent tax on iron ore and concentrates.
Industry observers note this is consistent with the government's intention to lower the cost of domestically consumed steel.
The finance ministry said exports of iron ore pellets, which were previously not subject to any taxes, are now to be taxed at 45 percent.
Get a daily dose of Sierra Leone Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.
More InformationFREMONT, California: Elon Musk's brain implant startup Neuralink, valued at some $2 billion during a private fundraising round two years ...
NEW YORK, New York - U.S. stocks moved higher Thursday as investors and traders took a break from their recent ...
LISBON, Portugal: Carsten Spohr, Chief Executive of Lufthansa, has said that as Portugal's government is still debating whether to sell ...
NEW YORK, New York - U.S. stocks were divided on Wednesday, with the technology and industrial sectors parting ways.Tech stocks ...
HOLLYWOOD, California: More than tripling the debut of its 2018 animated original predecessor, Sony Pictures' "Spider-Man: Across the Spider-Verse" opened ...
PARIS, France: European plane manufacturer Airbus is reported to be close to a record agreement to sell 500 narrow-body jets ...
NEW YORK - Images of smoke obscuring the New York skyline and the Washington Monument this week have given the ...
The external affairs minister has cleared the air about the Ukrainian president's participation in the September summitIndia, which holds the ...
GLOBAL PR CONNECT (GPRC)New Delhi [India], June 9: Bird ExecuJet Airport Services Private Limited was named the sole General Aviation ...
NewsVoirNew Delhi [India], June 9: Safe Water Network (SWN), in collaboration with the U.S. Agency for International Development (USAID), today, ...
BusinessWire IndiaPontypridd (Wales) [UK]/ Mumbai (Maharashtra) [India], June 9: Merck Foundation, the philanthropic arm of Merck KGaA, Germany, has underscored ...
New York [US], June 9 (ANI): Recent scientific findings have revealed that Neanderthal genes compose 1 to 4 per cent ...