Highlights

Trade deficit up: Revenue secy
2010-06-29

Revenue Secretary Krishna Hari Banskota on Monday said Nepal’s trade deficit in the first 10 months of the current fiscal year has surged by Rs 53 billion.

Addressing an interaction on the upcoming budget organized by the Chitwan Chamber of Commerce and Industries, Banskota emphasized on import substitution for economic prosperity.

Of the total foreign trade, export constitutes only 14 percent against the 86 percent of import as of now, Nepal’s contribution in the global trade is only 0.12 percent in terms of export said Banskota.

There will be increase in excise duty on cigarettes, alcoholic products and luxury items, the budget will also hike the registration and renewal charges of vehicles, VAT remaining the same.

The Kathmandu Post (22 June, 2010)

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