“It is just a continuation of periodical review that was last conducted in April, 2010 when reference prices of around 3,000 items were increased as per their current market prices. Reference price of additional 305 items have been reviewed this time,” said Tanka Mani Sharma, director general of DoC.[break]
Sharma said the department reviews reference prices every three or four months to discourage undervaluation and rising smuggling of goods to Nepal.
Of the 305 items whose reference prices have been freshly reviewed, 181 items are third-country imports while the rest come from India.
“Review of reference price list is done based on international rules for customs valuation as per the World Trade Organization (WTO) agreement,” Sharma added.
Currently, there is a vast difference between custom valuation and market selling price. The department is hopeful of reducing the gap to some extent with fresh revision in reference prices.
Review in reference prices, however, does not affect the market price of imported products as they are already being sold at higher prices as compared to customs valuation of those goods.
Meanwhile, the Finance Ministry is preparing to introduce importer´s identity cards that, officials said, would systematize the imports system.
“Importer´s identity cards system, which we are going to start by three months, will enable the DoC to collect higher volume of customs revenue,” he added.
The department has also started seeing positive impacts of the mandatory provision of filling customs declaration forms while importing goods worth more than Rs 100 through land customs and Rs 5,000 through Tribhuvan International Airport.
In the first 29 days of the fiscal year 2011/12, the department has already mobilized Rs 6.53 million in customs revenue against the target of Rs 6.93 million for the first month. The department targets to mobilize Rs 100 billion as customs revenue in 2011/12.
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