News Update

Filing of Form 10A & 10AB: CBDT extends due date to June 30RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesCPGRAMS recognized as best practice in Commonwealth Secretaries of public serviceIsrael-Iran War: A close shave for Global Economy but for how long?KABIL, CSIR ink MoU for Advancing Geophysical InvestigationsI-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HCSC asks EC to submit more info on reliability of EVMsRight to Sleep - A Legal lullaby
 
Time has come to think big on Customs Reforms: WTO DDG

By TIOL News Service

GENEVA, JAN 21, 2022: "Customs has a key role in making trade seamless, safe and secure,” stated WTO Deputy Director-General Anabel González yesterday at hearing of the European Union’s Wise Persons Group on Challenges Facing the Customs Union.

DDG González observed that customs authorities need to respond and adjust to changes in the global trade landscape brought about by the COVID-19 pandemic, rapid technological developments, geopolitical tensions and climate change. She added that the role of customs was becoming increasingly complex, and that customs officials were being continuously asked to do more in areas ranging from product and food safety standards, climate, deforestation and endangered species to veterinary regulations, fake goods, drug precursors and even labour standards and human rights.

DDG González emphasized that customs practices must be more nimble, innovative and forward-looking to meet the challenges of the 21st century and stay ahead of the curve. While e-commerce provided new export opportunities for small businesses, a wider choice and lower prices for consumers, customs administrations everywhere were being stretched thin by the massive increase in the quantity of e-commerce parcels, she noted

DDG González said customs reform needs to focus on better coordination with other agencies, expanded use and analysis of data and modern technologies, closer partnerships with supply chain participants and greater cooperation with third countries. She also said that the WTO Agreement on Trade Facilitation provided a useful framework to modernize customs. 

The EU Wise Persons Group – chaired by Ms Arancha González Laya, former Minister of Foreign Affairs, European Union and Cooperation of Spain – consists of 12 high-level members tasked to develop innovative ideas on the future of the EU Customs Union.

DDG González said that the European Union Customs Union, as the most advanced customs union in the world, was well positioned to address these challenges and show the way ahead, given its long history of cooperation and sharing of common experiences among its member states.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.


Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.