KATHMANDU, JAN 12-2012
Finance Ministry is formulating working regulation and risk reduction mechanism to enhance effectiveness of Post Clearance Audit.
It is necessary to develop a separate guideline and other working procedures to bring effectiveness in the Post Clearance Audit, a source at the ministry said, adding that it is mulling to shift to firm-based audit from existing consignment-based audit.
“Firm-based audit is more complicated and needs more clarity in policy level,” he added. “Post Clearance Audit will help make traders and officials more responsible.”
Effective implementation of Post Clearance Audit will help scrutinise all consignments and supporting documents. “Post Clearance Audit also helps maintain international standard in transactions through customs points,” he added.
Post Clearance Audit Office — the office under Finance Ministry to carry out Post Clearance Audit — audited 229 consignments last year, chief of the office Hari Sharan Pudasaini said, adding that it mobilised Rs 12.6 million revenue from consignment audit.
The office has mobilised Rs 10 million revenue in the first six months of the current fiscal year, he said. “The revenue mobilisation from the office is expected to reach Rs 20 million this fiscal year.”
The working regulation will incorporate all the details and make the office more professional, according to him. “Currently, the office is listing the major issues to incorporate in the regulation.”
After endorsement of the regulation and risk-reduction mechanism, the office will start auditing whole firms over a certain period of time instead of existing consignment-based audit, Pudasaini informed. The government had established Post Clearance Audit Office in 2009 with the purpose of verifying accuracy and authenticity of declarations and covers the control of traders’ commercial data, business systems, records, books.
Traders will be subject to fine, if claimed import differ from the declaration or are inconsistent with declaration or transaction value or quantity of goods has been declared less and by virtue there of lesser duty has been recovered, according to the current rule.
The existing Customs Act states that Post Clearance Audit Office can audit firms until four years after the date of clearance of goods.
Source: THT
Finance Ministry is formulating working regulation and risk reduction mechanism to enhance effectiveness of Post Clearance Audit.
It is necessary to develop a separate guideline and other working procedures to bring effectiveness in the Post Clearance Audit, a source at the ministry said, adding that it is mulling to shift to firm-based audit from existing consignment-based audit.
“Firm-based audit is more complicated and needs more clarity in policy level,” he added. “Post Clearance Audit will help make traders and officials more responsible.”
Effective implementation of Post Clearance Audit will help scrutinise all consignments and supporting documents. “Post Clearance Audit also helps maintain international standard in transactions through customs points,” he added.
Post Clearance Audit Office — the office under Finance Ministry to carry out Post Clearance Audit — audited 229 consignments last year, chief of the office Hari Sharan Pudasaini said, adding that it mobilised Rs 12.6 million revenue from consignment audit.
The office has mobilised Rs 10 million revenue in the first six months of the current fiscal year, he said. “The revenue mobilisation from the office is expected to reach Rs 20 million this fiscal year.”
The working regulation will incorporate all the details and make the office more professional, according to him. “Currently, the office is listing the major issues to incorporate in the regulation.”
After endorsement of the regulation and risk-reduction mechanism, the office will start auditing whole firms over a certain period of time instead of existing consignment-based audit, Pudasaini informed. The government had established Post Clearance Audit Office in 2009 with the purpose of verifying accuracy and authenticity of declarations and covers the control of traders’ commercial data, business systems, records, books.
Traders will be subject to fine, if claimed import differ from the declaration or are inconsistent with declaration or transaction value or quantity of goods has been declared less and by virtue there of lesser duty has been recovered, according to the current rule.
The existing Customs Act states that Post Clearance Audit Office can audit firms until four years after the date of clearance of goods.
Source: THT
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