Nepal: Govt to Paste Excise Duty Stickers on Tobacco Products

Source from:  Republica  07/15/2013

The government has targeted to increase duty collection on tobacco products and liquors by 23 percent and 40 percent, respectively, in fiscal year 2013/14. 

In the budget for 2013/14 issued on Sunday, the government said expects to raise Rs 6.82 billion from excise duty on tobacco products. In the current fiscal year, which ends on Monday, it has set a target of collecting Rs 5.54 billion.

The government has also decided to paste excise duty stickers on tobacco products.

Similarly, it targets to raise Rs 10.67 billion in excise duty from liquors in the new fiscal year. In the current fiscal year, it has targeted to raise Rs 7.6 billion. It expects to collect Rs 5.69 billion from beer, a rise of 23 percent compared to targets set in the current fiscal year. In 2012/13, it has set a target of collecting Rs 4.6 billion from beer.

Likewise, it expects to increase excise duty collection from different industrial productions by 26 percent to Rs 3.75 billion in 2013/14. In the current fiscal year, it has set a target of collecting Rs 2.97 billion.

Meanwhile, the government is implementing a program to enhance capacity of customs office by putting in place proper and effective monitoring system in customs offices as well as in industries. It is also forming Tax System Improvement and Suggestions Commission to suggest an effective taxation system.

The government has announced to waive off outstanding tax liability for brick kiln that register with VAT within October in the next fiscal year.

It has set aside Rs 6.7 billion to provide incentives to farmers on fertilizers, seeds and technology. Similarly, the government has decided to continue transportation incentives being given to 26 districts for food supply. Also, the government has allocated Rs 1.75 million for agricultural study programs.

The government has also decided to launch different self-sustaining programs for lemon, apple, banana and black cardamom farmers. Enditem