Kathmandu. KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all to use the database system that has been started from Biratnagar Customs Office. After the successful test of the much-awaited evaluation database system, the federation has urged the entrepreneurs to use it.

FNCCI President Chandra Prasad Dhakal urged entrepreneurs to utilize the evaluation process that has started as a pilot. He also urged the government to start this service at all customs points.

Since the online database system is recognized by the World Trade Organization, it is a scientific method and is expected to address the problem of under-invoicing and over-invoicing, a part of the informal economy in Nepal.

This evaluation method, which is mentioned in the GATT agreement under the World Trade Organization and used in most countries, was introduced for the first time in Nepal, replacing the existing reference book.

The system was inaugurated by Finance Minister Rameshwor Khanal on September 22. The government is expected to address the complaints of entrepreneurs regarding the reference book, which will be revised every 6 months. In this method, the price details of all the goods that have been tested will be collected. According to the government, it is a digital resource that can be analysed and compared with the goods that come through customs clearance, which helps in identifying the transaction value.

The valuation database system is one of the digital processes that businesses are urging to recognize the value of transactions. The federation had been showing the government the possibility of online evaluation according to the GATT valuation for some years.

The federation has demanded that the transaction price should be determined in accordance with the procedures outlined in the WTORGAT Valuation Article 7.