Dept of Customs prepares reference price list
KATHMANDU:
Department of Customs has prepared reference price list for different customs offices.
“The reference price list will be effective from Monday,” director general Tanka Mani Sharma said, adding that it will reduce the trend of under invoicing the value of commodities while importing.
Generally, the customs offices fix the customs duty based on the transaction of the goods, Sharma said, adding that reference price list will serve as an alternative valuation tool. Preparing reference price list is internationally-accepted rule for customs valuation defined by an agreement of the World Trade Organisation (WTO), according to him.
The WTO agreement recognises certain types of transactions where the buyer and seller’s price is not an appropriate basis for customs valuation.
Customs offices use reference price to see the price index of imported goods, Sharma informed, saying that the department is hopeful it will help to maintain actual valuation of goods after introducing reference price list.
Meanwhile, the Finance Ministry is also mulling to further tighten the importers to mobilise more revenue, according to senior economic advisor Keshav Acharya.
“The ministry is committed to check the customs point strictly,” he said, adding that the ministry will make the monitoring more effective to control revenue leakages through customs points. “Post-clearance audit will be made more systematic to bring all fictitious and under-invoiced import under the scanner,” he said. The ministry will also effectively implement the provisions of filling up abbreviated customs declaration forms for the import of goods priced between Rs 100 and Rs 5,000 through customs offices across the country, he informed.
The ministry since last fiscal year had introduced abbreviated customs declaration forms mandatory to check the uncontrolled imports and expedite the government’s revenue collection.
But the government failed to mobilise the revenue as expected during the last fiscal year due to shortfall in customs points, Acharya said, adding that the government is putting its effort to meet the revenue mobilisation target from customs duty this fiscal year. The government had targeted to mobilise Rs 216.64 revenue in the last fiscal year but was able to mobilise only Rs 200.55 billion — Rs 16.09 billion shortfall in its target.
Of the total, it had set the target of Rs 41.36 billion revenue from customs alone but it could be able to mobilise Rs 35.64 billion – some Rs 4 billion shortfall – in customs during the fiscal year 2010-11.
For the current fiscal year, the government has estimated Rs 247.7 billion in revenue mobilisation, but the trend of revenue leakages is expected to hit the collection and government could not meet target.
Source: THT
Department of Customs has prepared reference price list for different customs offices.
“The reference price list will be effective from Monday,” director general Tanka Mani Sharma said, adding that it will reduce the trend of under invoicing the value of commodities while importing.
Generally, the customs offices fix the customs duty based on the transaction of the goods, Sharma said, adding that reference price list will serve as an alternative valuation tool. Preparing reference price list is internationally-accepted rule for customs valuation defined by an agreement of the World Trade Organisation (WTO), according to him.
The WTO agreement recognises certain types of transactions where the buyer and seller’s price is not an appropriate basis for customs valuation.
Customs offices use reference price to see the price index of imported goods, Sharma informed, saying that the department is hopeful it will help to maintain actual valuation of goods after introducing reference price list.
Meanwhile, the Finance Ministry is also mulling to further tighten the importers to mobilise more revenue, according to senior economic advisor Keshav Acharya.
“The ministry is committed to check the customs point strictly,” he said, adding that the ministry will make the monitoring more effective to control revenue leakages through customs points. “Post-clearance audit will be made more systematic to bring all fictitious and under-invoiced import under the scanner,” he said. The ministry will also effectively implement the provisions of filling up abbreviated customs declaration forms for the import of goods priced between Rs 100 and Rs 5,000 through customs offices across the country, he informed.
The ministry since last fiscal year had introduced abbreviated customs declaration forms mandatory to check the uncontrolled imports and expedite the government’s revenue collection.
But the government failed to mobilise the revenue as expected during the last fiscal year due to shortfall in customs points, Acharya said, adding that the government is putting its effort to meet the revenue mobilisation target from customs duty this fiscal year. The government had targeted to mobilise Rs 216.64 revenue in the last fiscal year but was able to mobilise only Rs 200.55 billion — Rs 16.09 billion shortfall in its target.
Of the total, it had set the target of Rs 41.36 billion revenue from customs alone but it could be able to mobilise Rs 35.64 billion – some Rs 4 billion shortfall – in customs during the fiscal year 2010-11.
For the current fiscal year, the government has estimated Rs 247.7 billion in revenue mobilisation, but the trend of revenue leakages is expected to hit the collection and government could not meet target.
Source: THT
