Taiwan's Ministry of Finance (MOF) has announced that it has been agreed with India that, under a reciprocal arrangement, goods imported temporarily into either country for marketing purposes may qualify for duty-free importation.
The agreement was originally signed in March 2013 between the Taipei Economic and Cultural Center in India and the India-Taipei Association, and came into effect on April 1 this year, after the completion of the both sides' legal procedures. Carnets simplifying the customs procedures for the temporary imports are to be issued by the Taiwan External Trade Development Council and the Federation of Indian Chambers of Commerce and Industry.
To claim exemption, the goods must be imported for the purpose of participating in exhibitions and international fairs, the investigation of market conditions through research, the holding of marketing seminars, the generation of business on visits, and other such temporary business activities.
It is hoped that the arrangement will provide advantages for businesses in both countries, by reducing their export costs and competitiveness. There should be a substantial increase in Taiwan and India's bilateral business contacts, and an expansion in bilateral economic and trade relations.
Source:-tax-news.com
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