KATHMANDU, May 9: Nepal Paint Manufacturers Association has demanded reduction of the customs duty on raw materials of paint. At a press conference organized by the association in the capital, the association shared its speculation that there is a possibility of the government imposing countervailing duty on the import of ready-made paints in the coming days considering the liquidity crisis in the banking sector and the decline in foreign exchange reserves.
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The association has also expressed concern over the industries having to pay customs duty on the import of raw materials required for paint equal to the customs duty import of finished products. According to the association, water-based paints account for about 75 percent of the total sales and the tax imposed by the government on the import of raw material acrylic polymer required for the paint is not market-oriented.
