Cash margin imposed on import to address challenges in economy: Minister Sharma

KATHMANDU: Finance Minister Janardan Sharma asserted that the government imposed a cash margin on imports to address the challenges seen in Nepal's economy. Addressing a seminar organised by the Department of Customs in Kathmandu today, Minister directed the employees at the department to work hard to achieve the target although the revenue collection has been affected due to the tightening of the import. Sharma further explained, "At present, the country's economy is in a challenging situation. To address the issue, we have imposed a margin on some of the imported goods. It will not last forever. Once the challenges are over, the existing situation will ease." He expressed his confidence that the seminar will be effective to help resolve the issues relating to the Department of Customs as well as dealing with the new challenges that emerged due to the new policy. Similarly, the minister directed the officials of the Department of Customs to find out solutions through the seminar to address the discontentment of the entrepreneurs with the classification in the import. According to him, guidelines on vehicle scanning in the customs office was in the offing and will be enforced soon. On the occasion, he instructed the employees to mobilise revenue by facilitating trade. On the occasion, Minister Sharma expressed his pleasure over the gradual improvement in export business. “The contribution of export is 10% to the total foreign trade,” he said, adding that the country recorded the export business worth Rs 131 billion in the first seven months of the current fiscal 2021/22. “But we are not expected to stop here.  Our ultimate goal should be for achieving a self-sufficiency economy by increasing our contribution to the export by 10% each year.” The department's deputy director general,  Ananda Kafle, said the revenue collection during the first seven months of the current fiscal was Rs 308 billion, a 29% rise as opposed to the corresponding period last year. READ ALSO:

• FM Sharma directs IBN to proceed with big projects
• Finance Minister Sharma stresses to intensify capital expenditure
• Finance Minister Sharma urges ministries to boost capital spending
• Chamber of Industries, Morang holds orientation on e-payment of customs tax