Mahat urges higher import duties to protect domestic industries
He noted growing concerns that domestic products are heavily taxed while imported goods enjoy lower tariffs, urging a comprehensive review of existing customs policies.
KATHMANDU: Nepali Congress leader and former Finance Minister Dr. Prakash Sharan Mahat has called for an increase in customs duties on imported goods to safeguard domestic industries.
Speaking at the meeting of the Finance Committee under the House of Representatives on Wednesday, Mahat emphasized the need to make imported goods more expensive to help local industries remain competitive.
He noted growing concerns that domestic products are heavily taxed while imported goods enjoy lower tariffs, urging a comprehensive review of existing customs policies.
Without such revisions, he argued, Nepali industries will struggle to survive in the current market.
Mahat also highlighted the need to reconsider luxury taxes on gold, stating that for many Nepalis, gold is not a luxury item but a form of emergency savings that can be liquidated quickly during financial crises.
He stressed the importance of encouraging the use of local products by making foreign goods relatively expensive through appropriate policy measures.
