Print Edition - 2018-10-12 | MONEY
51,680 vehicles imported via Birgunj
Oct 12, 2018-
Nepal imported 51,680 automobiles through Birgunj customs and the Integrated Check Post (ICP) in the first two and a half months of the fiscal year, up from 50,856 automobiles during the same period last year.
According to the Customs Office, vehicle imports during the review period from July 17 to October 1 were valued at Rs8.42 billion. The government earned revenue totalling Rs10.85 billion on the imports. During the same period in the previous fiscal year, vehicles worth Rs6.86 billion entered the country, swelling the state’s coffers by Rs9.14 billion.
Birgunj customs is considered to be a convenient transit point for auto imports. According to traders, Birgunj lies only 700 km from Kolkata port, India, and importers can keep their vehicles parked at the customs yard for minimal rent until they find buyers for them. For this reason, car dealers do not need to rent warehouses which would incur high costs. Importers also store their vehicles in Raxaul, India, and ship them to their customers on demand.
The Birgunj Custom Office met its revenue target for the third month of the fiscal year a week in advance due to a surge in automobile imports.
The customs office was given a revenue collection target of Rs12.1 billion for the period September 17 to October 17, but its collection had reached Rs12.97 billion by October 9, according to Santosh Yadav, information officer at the Birgunj Customs Office. “We still have a week left before the month ends,” said Yadav. “We are in a position to collect another Rs2 billion in the remaining period.”
Customs statistics show that auto imports have been rising every year, accounting for a major part of the revenue collection. Increased purchasing power and expanded road network have boosted demand for passenger vehicles. The government’s decision to restrict vehicles that are more than 20 years old has also pushed up demand, traders said.
Published: 12-10-2018 08:42