Monday, March 16, 2015

The Samsung Gear smartwatch classified as mobile device and wins customs benefits.

Samsung Gear 2

Samsung Gear S

The Samsung Gear smartwatch that can make and receive calls is likely to be classified as mobile devices instead of a smartwatch, by the World`s Custom Organization.

This is a move to give Samsung tax benefits in shipping the products overseas.

The decision was made at the WCO's Harmonized System Committee meeting held in Belgium earlier this week, which was attended by South Korea's Ministry of Strategy and Finance and the Korea Customs Service.
The World`s Custom Organization (WCO)  has 179 members worldwide.

With this decision Samsung  will be benefit with $13 million anually in reduced customs costs.

Other  manufacturers  of smartwatches with similar specifications than the Gear will be classified as mobile devices as well and win customs benefits.

Mobile devices are subject to zero tax in most countries under the Information Technology Agreement of the World Trade Organization.

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