February 6: Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office.
Birgunj Customs Office has collected only 61 percent revenue of its total target in the first six months of the current fiscal year.
The customs office amassed revenue of Rs 76.63 billion against its target of Rs 122.77 billion, according to information officer Ram Chandra Dhakal at the customs office. This is just 61.27 per cent of the total annual revenue target.
The Customs office has set the target to collect Rs 261.99 billion in revenue in the current fiscal year. The office has collected only 51 percent revenue of the total annual target so far.
The customs office had collected 93 percent of its total revenue target in the last fiscal year, while 97 per cent revenue was collected in the previous fiscal year.
The chance of meeting revenue collection target is very low,” said Dhakal. The ban on the import of luxurious goods, and tight provisions to open the letter of credit (LC) have led to fall of the revenue collection.
“Despite the lifting of the ban on the import of liquor, mobile phones and vehicles by the government, it would take sometimes for the importers to import these goods by opening LC, which will affect the revenue collection for two more months,” Dhakal informed.