KATHMANDU, July 26: The Birgunj Customs Office, the main customs point of Nepal, was able to collect only 60 percent of the targeted revenue in the last fiscal year (FY) 2022/23.
According to the Department of Customs, Birgunj Customs Office had a revenue collection target of Rs 260 billion for the year. Out of this, only Rs 157 billion has been collected till mid-July. Out of this, Rs 56.5 billion has been collected as customs duties on imports, which is only 57.58 percent of the target.
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In Birgunj alone, it was estimated that the customs duty would be Rs 97.34 billion in the last year. The Value Added Tax (VAT) has been raised to Rs 70 billion. This is only 71.21 percent of the target.
On the other hand, Nepal's import trade increased by 36.82 percent last year, with the majority of it coming from the Birgunj customs point. The total amount of import stands at Rs 593.39 billion.
In FY 2022/23, 23.34 percent of the total trade for exports was done through Birgunj Customs, amounting to Rs 36.67 billion. However, due to a considerable decrease in both imports and exports during this period, the revenue collected by the government from the Birgunj customs office has also significantly declined.
