Kathmandu-Finance Minister Dr. Swarnim Wagle announced that customs duties on 273 types of industrial raw materials have been reduced to ensure they remain at least one level lower than duties imposed on finished goods.
Dr. Wagle made the announcement while presenting the budget for the fiscal year 2083/84 during a joint session of the Federal Parliament.
He also stated that the existing 11-tier customs duty structure has been reduced to 7 tiers.
In addition, excise duties currently imposed on 360 goods have been abolished.
Taxes collected at customs points, such as the Infrastructure Development Tax and Road Repair and Improvement Fee, have been consolidated and incorporated into a unified Green Tax system.
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