NCC urges Finance Minister to address their demands in budget

KATHMANDU: Nepal Chamber of Commerce (NCC) has again drawn the attention of the Finance Minister saying that their suggestion in the budget has not been implemented. NCC has submitted a seven-point memo to Finance Minister Janardan Sharma demanding to withdraw the decision to increase the tax on electric vehicles (EVs) mentioned in the budget and to abolish the reference price by recognising the letter of credit (LC) and banking transaction price at the customs checkpoint. It has been stated that the tax policy mentioned in the budget will further collapse the private sector. The chamber has also demanded that the value added tax (VAT) threshold be raised to Rs 10 million as the current ceiling of Rs 5 million for VAT purposes is too low in view of the rising exchange rate of foreign currency and rising inflation. While the government has announced to create a self-reliant economy using power generated within the country, additional customs duty and excise duty on EVs are not practical, NCC has stated. Although the government has adopted a policy of export promotion in the budget, the chamber has questioned its practical implementation.NCC has also demanded Finance Minister Sharma provide 8% cash subsidy for export promotion to small and medium enterprises (SMEs) and industrialists related to cottage and handicrafts in an effective manner. Moreover, the private sector's organisation has also drawn the attention of the Finance Minister to create an environment conducive for business by maintaining the balance of payments and managing the imports and encouraging exports. READ ALSO:

• FNCCI demands correction of policies against domestic industries
• NCC urges Japan to make industrial investment in Nepal
• NCC to cooperate with local levels to create employment opportunities for youths