The government has decided to import 20,000 tons of sugar with a 15 percent customs discount in preparation for the upcoming major festivals.
The Ministry of Finance (MoF) has granted a 15 percent customs discount for the import of 20,000 tons of sugar, based on a proposal from the Ministry of Industry, Commerce, and Supply.
According to Dhani Ram Sharma, spokesperson for the MoF, this decision will allow the Food Management and Trading Company and the Salt Trading Corporation to import 10,000 tons of sugar each with customs exemption.
About 30 percent customs duty is charged on sugar usually. But the ministry has decided to give a 50 percent customs duty discount to these two companies to import 20,000 tons of sugar,” Sharma said. “Now they will be able to import sugar only with a 15 percent customs duty.”
The MoF has clarified that there is currently sufficient sugar in the Nepali market. The customs concession has been granted to address market price fluctuations. While the wholesale price of sugar in Nepal is currently Rs 105, it is being sold at retail for Rs 115 in the market.
