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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 166.89

+1.1%

10:35 AM EST

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To: Ramsey Su who started this subject	3/1/2002 9:12:34 AM
From: foundation	Read Replies (1) of 196676

India revamps cellphone taxes India has decided to exempt imported cellphones from CVD tax duties of 16% in its annual budget, although the customs duty is being raised from 5% to 10%. Countervailing Duty (CVD) is known as additional duty and it is equivalent to the Central Excise Duty (VAT) on the similar items produced or manufactured in India. This Duty is payable on the assessable value of the goods plus the customs duty. "The use of cellular phones is increasing by leaps and bounds but import through unauthorised channels is a matter of concern. I, therefore, propose to exempt phones and pagers from CVD," Finance Minister Yashwant Sinha said while presenting Union Budget 2002-03 in the Lok Sabha. These changes plus a recent Finance Ministry decision to cut customs duties and special additional duty to zero levels on all parts, components and accessories for mobile handsets that are assembled in India, should also make it easier for Indian firms to encourage outside investment in local handset production factories. cellular-news.com

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