Kathmandu, Nepal, November 22, 2022: The Department of Customs (DoC) has failed to fulfill the set target to collect revenue in the first four months of the current fiscal year- 2022/023.
The DoC has collected only Rs 129 billion against its own target of Rs 202 billion for the period that begins from mid-July to mid-November. The revenue collection is Rs 73 billion or 36 percent less than the projected amount.
According to the DoC, he revenue amount collected in the first four months of the current fiscal year is 25 percent less compared to the same period of last fiscal year. During the review period last year, the DOC had collected customs revenue worth Rs 172 billion.
The government’s decision to restrict the imports of a number of luxurious goods has been attributed for the slump in revenue collection. The government has extended the ban of four items until mid-December.
The government has banned some luxurious goods to manage the pressure on foreign currency reserves. The ban on import include as liquor, smart phones worth more than 300 dollars, motorcycles above 150CC and jeeps, cars and vans will remain in force until December 15.
Earlier, the government had imposed a complete ban on the import of 10 types of goods till the end of June last May due to depleting foreign currency reserves. However, the ban is now limited on four items.
The government has given revenue collection target to the DOC of Rs 668 billion for the fiscal year 2022/23. The target given to the DoC for the current fiscal year is 32 percent higher than the collected amount of Rs 506 billion last year.
