Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The import of electric vehicles have come down significantly following decision of the government to raise custom duty on electric vehicles through the current year’s budget.
As per statistics maintained by the Department of Customs, a total of 37 electric vehicles have been imported in the first five months of the current fiscal year against 315 electric vehicles imported in the corresponding period of the previous year. A total of 481 electric vehicles were imported in the last fiscal year.
Yubaraj Khatiwada, the then finance minister, had raised the custom tariff on electric vehicles to 80 percent from existing 10 percent through the budget for 2020-21 fiscal year. Similarly, the government had also raised excise duty on electric vehicles, from 30 to 80 percent, depending on the capacity of the electric vehicles.
However, new Finance Minister Bishnu Poudel had decided to reduce excise tariff on electric vehicles.
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