Now onwards, businesspersons must renew their exim code every year

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Kathmandu, June 14

The government has amended the Customs Regulation 2007 for the ninth time. As per the new rule, businesspersons must renew their exim code, an identification number provided to exporters and importers, every year.

The rule in renewal was added to the Rule 66, Sub-rule ‘Gha’. The renewal must be made before the beginning of new fiscal year. Nepal’s fiscal year begins in mid-July every year.

The businesspersons should submit tax payment certificate, Rs 5,000 cash, and a balance of Rs 300,000 with the application.

Similarly, a coordination committee will be formed to solve the problems that might arise at the Customs Office time and again.

According to General Director of the Customs Department Toyam Rai, the new rule will help in minimising various ill practices prevalent in the sector.