KATHMANDU: The government has announced a major overhaul in its customs valuation system, moving from reference-based pricing to assessments based solely on actual invoices.

The initiative aims to ensure that import duties reflect the true value of imported goods and curb under-invoicing.

The Department of Customs has launched a pilot program of an online valuation database starting Wednesday in Biratnagar.

The system, which collects, stores, and analyzes data on declared import prices, is designed to reduce the risk of undervaluation at customs offices.

Authorities plan to roll it out nationwide based on lessons learned from the pilot.

Finance Minister and Minister for Federal Affairs and General Administration, Rameshore Khanal, inaugurated the new platform in Biratnagar.

The online valuation database is integrated with the global ASYCUDA system used in customs clearance worldwide.

It calculates the actual price of any imported item based on a 90-day historical valuation, providing a more accurate and transparent method for customs duty assessment, while promoting fair trade practices and revenue collection.