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Restriction on luxury imports likely to continue beyond the turn of the fiscal year also

May 11, 2022 716

Kathmandu, Although the government says it has imposed a restriction on luxury imports until mid-July 2022, the end of the current fiscal year, only, officials say it is highly likely that the government will extend the restriction.

Moreover, the new budget plan for the next fiscal year will embrace the restriction on luxury imports as a policy priority, according to the officials.

Currently, the Ministry of Finance is preparing the budget plan that it has to table in the House of Representatives on May 29 as per the constitutional provision.

Officials say the government will also restrict agricultural products to push domestic producers for more yields.

“Whereas some goods will be banned for the import, some will be taxable at a high rate,” an official involved in the planning says.

The government is also preparing to restrict the import of petroleum products as they have been one of the biggest imports of the country.

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