KATHMANDU, July 17: The Department of Industry (DoI) has requested the industrialists concerned to start the process of receiving cash subsidies for exports. In a notification issued on Sunday, the department asked the industrialists to verify the value addition required for claiming cash subsidies on exports.
According to the DoI, the industrialists and businessmen concerned have to submit an application with the details specified by the department from July 17 to October 19. The department has asked the industrialists to submit self-declaration of value addition, proof of industry registration, details of exported goods and details of consumption of raw materials used in the exported goods.
Industrialists welcome NRB’s decision to scrap cash margin syst...
While disclosing the details in this way, the industries will also have to reveal details such as whether the raw materials were imported or purchased domestically. Similarly, a customs declaration letter, a copy of EXIM code, last year's audit report, and a latest tax payment certificate should also be submitted to the DoI.
The government has been providing cash subsidies for exports to 33 types of commodity producers who add more than 30 to 50 percent value by buying raw materials produced in Nepal.
In the export of 15 types of goods included in schedule 1 such as tea, coffee, turmeric, Dog chew, if there is a 50% increase in price, five percent of subsidy will be provided. While in case of 30% increase in price of cement and clinker, up to four percent of subsidy is provided.
