KATHMANDU, Jan 27: Entrepreneurs who suffered losses during the September 8–9 Gen Z movement and violence have utilised around Rs 50 million in customs duty rebates from the government.
Citing a number of private businesses that suffered during the turmoil, the newly formed government in September announced tax concessions and customs duty waivers for damaged properties. In this line, the Ministry of Finance has opted to provide a 50 percent exemption on customs duties when importing replacements for businesses whose buildings, furniture, machinery and equipment were destroyed.
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Records with the Department of Customs (DoC) show that private businesses imported reconstruction-related items worth Rs 250 million in the three months ending in mid-January. According to an official at the DoC, duties on the aforementioned amount have been waived based on the reference prices maintained by the department for the imported goods.
During the violence, protesters torched, vandalised and looted supermarkets, hotels, media houses, retail outlets and educational institutions, along with the private residences and offices of leading businesspersons. These entities were found to have imported 110 types of products for the purpose of reconstruction and re-establishment of businesses.
As per a study by a government-formed committee tasked with evaluating losses and preparing a reconstruction plan, the September 8–9 protests led to the loss of 2,353 jobs and inflicted total physical damage worth Rs 84.45 billion. In the report submitted to the government in the second week of December, the panel showed an estimated loss of Rs 33.54 billion to the private sector, while community and other sectors suffered losses worth Rs 5.97 billion.
