Kathmandu, May 28, 2018: Since the announcement of annual budget for the fiscal year, import of four wheeler vehicles have suddenly gone upward because of the assumption of increment in the rate of custom duty. The budget of 2018-19 is to be published on Tuesday.
As there will be introduction of new tax rates, importers are compelled to import more in order to save some budget, says Custom Officials.
Apart from airways import, Birgunj is the easiest and the shortest route to import goods from India and third-world nations. Besides non-tax sources, around 40% of government revenue is collected from the vehicle import duties.
According to Sewantak Pokharel, Birgunj Custom Chief; since mid-May, the importers have rushed to import four wheel passenger vehicles where more than 1056 vehicles have received custom clearance in just two weeks resulting revenue of 2.2 billion rupees until now.
Around 500 vehicles were used to be imported before May but because of the panic of importers, the import is more than twice in last two weeks.
Instead of clearing the customs, many Nepali importers hold the shipment waiting customs to be low. As a consequence, vehicles are often parked for a long time because of that expectation.
Importers also hold large number of batch of goods at Kolkata Port and many other Nepal-India borders because of the expectations of low custom duty.