VCTS comes into effect from Wednesday

KATHMANDU: The vehicle and consignment tracking system (VCTS) has come into effect from Wednesday.

Finance Minister Dr Yuba Raj Khatiwada launched the system in Kathmandu today aimed at keeping track of the whereabouts of the containers and trucks carrying cargo.

Finance Minister stated that the system is a mechanism that would formalize trade and business transactions while making it legal and more transparent. Dr. Khatiwada also expressed the hope that the VCTS will support in the promotion of formal economy at a time when half of the economy remaining in the informal.

The digital system is interlinked with the ASYCUDA at the Department of Customs (DoC) and is affiliated with the Department of Inland Revenue’s (IRD) computerized system.

With its implementation, all business activities can be tracked making the tax-evasion difficult. The Department of Revenue Investigation (DRI) developed the new computerized system that will facilitate the importers, transport entrepreneurs, and businesses with the real-time update of the vehicles’ movement about their consignment and cargo.