Economy

CBDT to host WCO’s policy commission meet

Rahul Wadke Mumbai | Updated on December 02, 2018 Published on December 02, 2018

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.

Published on December 02, 2018
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