The first half of the Fiscal Year 2017/18 saw import of more than 5,000 auto-rickshaws, which is more or less twice the volume of import compared to Fiscal Year 2016/17.
Why it Matters:
This rise of import in auto-rickshaw alone has contributed to 167 million rupees worth of revenue in the first half of the fiscal year.
According to the Statistics:
These statistics are maintained by the Birgunj Costumes Office:
- 2,637 auto-rickshaws were imported by mid-January last year
- 5,060 auto-rickshaws were imported this year
Factors that have led to this growth:
- Expansion of road networks
- Increase in demand for auto-rickshaw in the Nepali market
- Banks accepting clearance in monthly or daily installments
What they are saying:
- “The import of three-wheelers has seen a significant rise this year. The taxes involving the import of these vehicles include 30 percent customs duty, 55 percent excise duty and additional 13 percent Value Added Tax (VAT) adding up to 98 percent revenue in the import of three-wheelers,” said Sebanta Pokhrel, chief of Birgunj Costumes Office.
- “The auto-rickshaws sold in the Nepali market are seldom purchased for personal use; in fact, these vehicles are used as means of public transport and provide people with employment opportunities,” said Binaya Yadav, of Shanti Motors.
- He also added “As public transportation service helps change the economic activities of people, banks are not hesitant toward investing in this field. With the bank accepting clearance in monthly or daily installments, the demand for these vehicles has increased.”