50 percent concession on custom duty for reconstruction materials

Kathmandu: The government has announced that it would slash customs duty on the materials to be used for reconstruction of infrastructure damaged during the Gen Z movement.

Finance Minister Dr Swarnim Wagle made such an announcement while presenting a budget for the fiscal year 2083/84 in the joint meeting of the federal parliaments on Friday.

A special arrangement is in place for the reconstruction of the buildings damaged in fire and vandalism and installation of the equipment broken during the Gen Z movement that occurred in September last year.

“The government has received a report from the insurance surveyors on the damage to buildings, furniture, and equipment. So, the customs and excise duties for import of materials required for reconstruction and installation would be slashed by 50 percent,” said Minister Dr Wagle in the parliament meeting.

It will be applicable for industrial and trade houses. However, the star hotels which have already been entitled to the discount on customs duty would not be provided double benefits.

As per the budget announcement, the royalty and renewal fees for the casinos damaged during the Gen Z movement would also be provided a concession.

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