The government has successfully tested the much awaited valuation database system from Biratnagar Customs Office.
What you should know
The government has successfully tested the much awaited valuation database system from Biratnagar Customs Office. This evaluation method mentioned in the GATT agreement under the World Trade Organization and popular in most countries has been started in Nepal for the first time, replacing the existing reference manual.
The government expects that this system, which was inaugurated by Finance Minister Rameshwar Khanal on October 9, will address the complaints made by businessmen about the reference book, which is revised every six months.
Under this method, the price details of all items that have passed customs inspection will be collected. According to the government, this is a digital resource that can be used to analyze and compare items that have passed customs inspection, which will help in identifying the transaction value. A valuation database system is a digital process towards
businesses asking to recognize business value. Federation of Nepal Chamber of Commerce and Industry had been showing the government the possibility of online evaluation according to GAT evaluation for a few years.
price determination The Federation demands that the transaction price be determined in full compliance with the methods mentioned in WTO/GAT Valuation Article 7.
Federation President Chandra Prasad Dhakal urged entrepreneurs to make effective use of the evaluation process that has been started in Biratnagar as a pilot project. He requested the government to extend the service to all the customs points of the country. As the
online database system has been recognized by the World Trade Organization, it is a scientific method and it is expected to make a part of the informal economy in Nepal more transparent by decriminalizing it.
