100-200 kW EV imports up 713%, revenue collection up 574%
KATHMANDU, Jan 21: While the number of electric vehicles (EVs) imported in the first half of the current fiscal year saw a moderate increase of 7 percent as compared to the corresponding period of the previous fiscal year, the excise duty collected by the government from those imports has skyrocketed by 44 percent. The import of EVs of the 100-200 kW segment alone contributed a 25 percent increase in revenue collection.
According to the data maintained by the Department of Customs, the increase in revenue from the excise duty collected from the import of the vehicles is largely driven by a 713 percent increase in the imports of electric four-wheelers of the 100-200 kW category. The massive surge in the import of such vehicles caused a steep rise of around 574 percent in excise duty collected as compared to the corresponding period of previous fiscal year.
Government Expands Excise Duty Coverage
A total of 553 electric four-wheelers of the 100-200 kW segment were imported in the first half of fiscal year 2024/25, up from 68 such vehicles imported in the corresponding period of the fiscal year 2023/24. This rise increased the excise duty collected from such vehicles from Rs 246 million in the first half of last fiscal year to Rs 1.65 billion in the corresponding period of the current fiscal year.
According to the data, Nepal imported 5,480 electric four-wheelers during the first half of the fiscal year 2024/25, with a total import value of Rs 13.19 billion. The government collected Rs 8.162 billion in customs revenue from these imports.
In the first half of the fiscal year 2023/24, a total of 5,107 electric four-wheelers were imported to Nepal, with a value of Rs 12.73 billion. The government had collected Rs 5.67 billion in excise duty from the import of the vehicles.
Of the Rs 2.492 billion increase in excise duty from the import of EVs in the first half of the fiscal year, the excise duty levied on the 100-200 kW category contributed Rs 1.413 billion, contributing more than 56 percent of the increase.
In total, electric vehicles with a capacity of 51-100 kW dominated the imports, with 3,191 units brought into the country, valued at Rs 7.97 billion, generating Rs 545.3 million in customs revenue. Vehicles with capacities below 50 kW ranked second, with 1,725 units imported at a total value of Rs 3.11 billion, contributing Rs 131.6 million in revenue.
Imports of the highest-capacity categories of the vehicles were significantly lower, with just nine units in the 201-300 kW range and only two units exceeding 300 kW. These categories collectively contributed Rs 18.5 million in revenue.
