September 9: The government has decided to provide concession on customs tariff on the import of various goods. The Ministry of Finance informed through a notice in the Nepal Gazettee that the tax rates on the import of various goods have been changed.    
As per the new provision, 90 per cent concession will be provided on the customs tariff on import of crude soybean oil, palm oil and sunflower oil. Revenue Secretary Rameshwoar Dangal said the industries which were given 50 percent concession on the import of sunflower seeds for extracting sunflower oil will instead be given 90 percent concession.     
This new provision also applies for the import of soybean seeds for the production of oil and oilcake from it. Earlier, the industries importing soybean seeds for this purpose used to get 50 percent concession on import of soybean seeds but now they will get 90 percent concession. Similarly, 90 percent concession will be provided on customs tariff on the import of mustard, spinach, canola and rapeseed seeds.    
A 15 percent customs tariff has been imposed on the import of spring steel wire which the industries producing optical fibre cable use as raw material.    
Similarly, the provision requiring cooperatives to pay 15 percent income tax on transactions, except those enjoying tax concessions, carried out within the metropolitan city area and of seven percent within the then municipality area has been removed.    
As per the new provision, cooperatives operating within the municipality area will get 5 percent concession, those operating within the sub-metropolitan city area will get 7 percent concession and those run within the metropolis area will be given 10 percent concession on income tax.    
Likewise, arrangements have been made for keeping the customs tariff of wire and iron rod at 5 percent. Also, the excise duty on the import of raw materials of sanitary pad has been removed now.  -- RSS