The Bhairahawa Customs Office, a crucial hub for Nepal’s import and export activities, is facing a significant shortfall in revenue collection for the current fiscal year. With only two months remaining, the office has achieved a mere 51% of its revenue target, raising concerns about the potential impact on Nepali businesses, the local market, and the overall economy.
Revenue Collection Woes:
The Department of Customs set an ambitious revenue collection target of Rs. 127.83 billion for the Bhairahawa Customs Office during the current fiscal year. However, as of the end of the 10th month, the office has managed to collect only Rs. 65.90 billion, a mere 51% of the target. This shortfall has persisted throughout the fiscal year, with the office failing to meet its monthly targets in any month.
Import Trends:
While the revenue collection has been lackluster, there have been some positive trends in imports. Ten major items, including motorcycles, jeeps, cars, vans, LP gas, electric vehicles, pickups, and delivery vans, have seen an increase in imports compared to the previous fiscal year. However, the import of petrol, glaze tiles, MS billets, high-speed diesel, and marble, among others, has decreased.
Export Boost:
On the export front, there has been a notable rise in the export of 10 major commodities. In the fiscal year 2022/23, exports of these items were valued at Rs. 5.86 billion, while in the first 10 months of the current fiscal year 2023/24, exports have already reached Rs. 8.39 billion. Key export items include synthetic yarn, cement, cement clinker, various plant products, noodles, plywood, and herbs.
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