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Kathmandu Thursday December 13, 2001 Marga 28, 2058.
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Agreement on
VAT payback reached
By Maina Dhital
KATHMANDU, Dec 12 – An
agreement was reached here today at a high-level governmental meeting to pay back the
Value Added Tax (VAT) charged on export goods within a certain period of time and making
the duty draw-back system more efficient.
The meeting was held at the
Ministry of Industries, Commerce and Supplies (MoICS) and was attended by Purna Bahadur
Khadka, Minister of Industries, Commerce and Supplies, Nepal Rastra Bank (NRB) Governor,
Tilak Rawal, and representatives from the private sector.
According to the sources, the
meeting has decided to facilitate the garment industry by paying back the VAT within 15
days of the withdrawal of goods from the warehouse. Similarly, on the matter of other
industries, the VAT will be returned within 15 days of providing the necessary documents.
It has been a rule that on any
kind of export goods, the VAT should be deposited and later on returned to the exporter.
Similarly, the exporter is
entitled to duty drawback and debenture equal to the amount under the duty drawback within
a period of three months. But in practice, the exporters have been deprived of such
facility for some years.
Governor Rawal in the meeting
informed that NRB would facilitate the export sector by adopting a flexible policy.
On Friday, Minister Khadka while
talking with a delegation of Nepal Readymade Garment Association headed by Brij Gopal
Enani, had hinted that the government was determined to solve the obstacles in promoting
the export sector by coordinating with the private sector.
With a continuous sharp plunge
being recorded in the nation’s three leading export industries - carpet, garment and
pashmina - MoICS, Finance Ministry, National Planning Commission and NRB have initiated
separate studies on the crises.
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