• AutoTL;DRB
    32 months ago

    This is the best summary I could come up with:

    India’s plan to let a moratorium on imposing customs duties on cross-border digital e-commerce transactions expire may end up hurting India’s more ambitious plans to become a global chip leader in the next five years, Reuters reported.

    In place since 1998, the moratorium has been renewed every two years since—but India has grown concerned that it’s losing significant revenues from not imposing taxes as demand rises for its digital goods, like movies, e-books, or games.

    Reuters reviewed the letter, reporting that the WSC warned Modi that ending the moratorium “would mean tariffs on digital e-commerce and an innumerable number of transfers of chip design data across countries, raising costs and worsening chip shortages.”

    Studies suggest that India should be offering tax incentives, not potentially threatening to impose duties on chip design data.

    ITIF’s goal was to evaluate “India’s existing semiconductor ecosystem and policy frameworks” and offer “recommendations to facilitate longer-term strategic development of complementary semiconductor ecosystems in the US and India,” a press release said, partly in order to “deepen commercial ties” between the countries.

    The Prime Minister’s Office (PMO) has also reported a similar goal to deepen commercial ties with the European Union.

    The original article contains 482 words, the summary contains 194 words. Saved 60%. I’m a bot and I’m open source!