First Business News Portal in English from Nepal
KATHMANDU: The Ministry of Industry, Commerce and Supplies has brought into implementation the regulation on Safeguards, Anti-Dumping and Countervailing Act to regulate imports, especially import of unauthorized and substandard products in domestic market.
The Cabinet had recent passed the regulation on Safeguards, Anti-Dumping and Countervailing Act. Though the Parliament had passed the Act back in July 2019, endorsement of its regulation will enable the Ministry to check imports.
Endorsement of the regulation means that the government can now impose additional tariffs on foreign products being sold in the domestic market at a lower price to prevent dumping.
The Anti-Dumping and Countervailing Act and its regulation primarily intends to control the import of such goods by levying countervailing duties and anti-dumping duties at the customs besides regular import duties being levied on such products.
Countervailing duties (CVDs) are protectionist tariffs levied by the government on imported goods to offset subsidies given to producers of these goods in the exporting country.
Similarly, anti-dumping duty is such tariff that the government levies on imported goods which are found priced below the fair market value of such products.
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