FinMin optimistic about customs revenue target

KATHMANDU, JUNE 3: 

Finance Ministry has said that it will succeed in meeting the customs revenue target for the current fiscal year which stands at Rs 241.77 billion. 

The overall revenue collection scenario at various customs points throughout the country is encouraging, said finance secretary Krishna Hari Baskota, adding that the ministry has collected Rs 190.8 billion customs revenue until mid-May against a target of Rs 192.55. 

Customs revenue collection was Rs 158.98 billion in the corresponding period of last fiscal year, said Baskota. 

“The government has succeeded in achieving a 19.6 per cent growth rate in customs revenue collection in this fiscal.”

The Department of Customs has said that it has collected Rs 2.38 billion revenue during the first half of the current month, secretary Baskota said. “All big customs offices including Birgunj, Bhairahawa and Biratnagar have said that they will collect revenue according to the target set in the budget.”

Export-import which had slowed down due to frequent bandhs will expedite in the coming days since all cargo have been kept at warehouses at present, the ministry said. The ministry also asked all offices to put in their best effort in meeting the revenue target more assertively. 

The revenue collection of Value Added Tax has fallen short by Rs 600 million until the end of the 10th month of the current fiscal year, the ministry said. “Similarly, revenue collection of the registration fee could not meet its target by Rs 570 million.” Revenue collection figures of vehicle tax and non tax sector also slipped by Rs 750 million and Rs 2.51 billion, respectively.

The revenue collection figure should cover at least 20 per cent of Gross Domestic Product within the coming three to five years, said Baskota.

Baskota directed all customs chiefs and concerned departments to tighten the customs check points, control under-invoicing and accelerate Post Clearance Audit to mobilise revenue in a more effective manner. 

He also urged the Department of Revenue Investigation to expand its vigilance to control revenue leakage.

Source: THT