Raw materials, semi-finished goods and finished goods in a supply chain to be classified to impose different import duties – myRepublica

Kathmandu, May 20: The Ministry of Finance (MoF) has started sorting out the list of raw materials, semi-finished and finished goods in a particular type of product to revise the import duty according to the nature of the goods imported.

Currently, the government imposes tariffs on raw materials similar to finished products in many cases. Industrialists have asked the government to reduce duties on raw materials and semi-finished products in order to promote domestic production.

According to a finance ministry official, the ministry will incorporate the issues into the budget for 2022/23. To date, the Ministry of Finance has differentiated about two dozen commodities into the three aforementioned categories.

If the government’s plan comes to fruition, imported raw materials will be subject to a minimum tariff. Importers of semi-finished products will have to pay higher customs duties than those of raw materials and final consumer goods will be subject to payment of the higher amount of customs duties.

Since last year, the government levies different duties on imported sponge iron, billets and iron rods. In the new provision, the government plans to differentiate import duties on goods like shoes, glass and a number of manufactured goods.

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