KATHMANDU, April 14: The Office of Auditor General (OAG) has said that the customs duty on the import of gold should be increased. Comparing the customs rate of Nepal with the customs rate imposed on the import of gold in neighboring India, the OAG said that the customs rate for gold should be increased.
The customs rate of gold in Nepal is 10 percent while in India it is 18 percent, as mentioned in the 60th annual report of the OAG. The report says that the customs rate of gold should be reviewed, indicating that gold is smuggled because of the difference in the customs rate of gold import in Nepal and India.
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“There does not seem to be enough study and analysis regarding gold use in Nepal. Since the gold traders do not keep records of the gold bought and sold through banks and other means, there is no transparency in its use,'' the report says, "There is also a situation where legal action is being taken for the illegal purchase and sale of gold. It seems that there should be a review of the customs rate, taking into consideration the international market and the customs rates in the neighboring countries.”
According to the records of the Tribhuvan International Airport Customs Office, in the fiscal year 2020/21, 3,944.5 kilograms of gold worth 27,480 million rupees was imported, and Rs 3.35 billion customs revenue was received.
Similarly, in 2021/22, when 5,113.70 kilograms of gold worth 42.70 billion rupees were imported, 4.74 billion rupees was raised in customs duty, according to the report of OAG.
In the annual report, the OAG has mentioned that the customs duty rate is Rs 850 per gram that is around 10 percent of the value in both these years and the customs duty rate of gold in India is 18.5 percent.
