Home / Knowledge / News / Apparel/Garments / FM proposes VAT waiver for garment sector in Nepal Budget
FM proposes VAT waiver for garment sector in Nepal Budget
14
Jul '14
In his Budget speech for Nepali fiscal year 2014-15, that begins on July 16, 2014, Finance Minister Ram Sharan Mahat has proposed special waiver of value-added tax (VAT) for readymade garment (RMG) industries.
 
The step is aimed at promoting the country’s apparel industry as well as import-substitution.
 
Further, the Budget also makes it mandatory for public offices to buy domestic clothing items, even if they are costlier by 15 percent than imported goods.
 
In the first three quarters of 2013-14, garment exports from Nepal shot up by 46.4 percent to Np Rs. 4.018 billion (US$ 41.77 million), compared to exports of Rs. 2.744 billion made during the corresponding period of the previous fiscal, according to the data from the Trade and Export Promotion Centre.
 
Meanwhile, Nepal’s imports of articles of apparel and clothing accessories jumped by 22.33 percent year-on-year to Rs. 8.546 billion during the first nine months of 2013-14.
 
In fiscal year 2012-13 that ended on July 15, 2013, Nepal earned Rs. 3.824 billion from export of readymade garments, while it spent Rs. 8.99 billion on import of articles of apparel and clothing accessories.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search