CBDT To Host WCO’s Policy Commission Meet

[PRIBO247]

The Central Board of Indirect Taxes and Customs (CBIC) will
discuss new-age products such as 3D printing, blockchain
and drones at the 80th Session of Policy Commission
meeting of World Customs Organisation, to be held from
Monday.

The three-day event will be inaugurated by Finance
Minister, Arun Jaitley, and will be attended by 102 delegates
from 33 nations.

Chairman of CBIC, S Ramesh, told BusinessLine that till date
the CBIC was collecting duties on tangible goods but with
the rise of the digital economy, 3D printing, darknet and
other modes, goods are being traded in a digital manner.
Till 2019, there is a moratorium on levy of duty on 3D
printing by WTO. But CBIC has to be prepared if the
moratorium is lifted.

During the sessions, trade-based illicit financial flows and
money laundering will be discussed in great details. Issues
such as double billing, over-invoicing, under-invoicing and
round-tripping of money would be discussed. Illicit money
across borders is a matter of concern for CBIC as it has
grave implications for terror financing. The Customs
Department of various countries can play an important role
in curbing such finances, he said.

The Revenue Secretary will also attend the meet and
deliberate on various issues relating to World Customs
Tariffs, trade facilitation measures, international issues on
trade under the ambit of WCO. The event assumes
significance in view of the fact that recently India’s rank in
the World Bank’s Ease of Doing Business 2018 survey
climbed 23 places to 77 among the top 10 improvers for the
second consecutive year.

Globally, 180 countries are members of the World Customs
Organisation (WCO) which is headquartered in Brussels.

Source : https://www.thehindubusinessline.com