Effective mobilisation of internal resources crucial for sustainable development, says FNCCI President Dhakal

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has emphasised that effective mobilisation of internal resources is crucial for the sustainable development of any country.

President Dhakal made these remarks during an interaction programme on 'Inter-agency Coordination for Promoting an Investment-Friendly Environment' organised at the FNCCI Secretariat on Wednesday to mark National Tax Day 2081.

President Dhakal highlighted that the backbone of a country's operation and development relies on the volume of revenue mobilised. Therefore, effective mobilisation of internal resources is vital for building a strong economy and an advanced society.

Dhakal mentioned that the issue of investment promotion, which has been a significant concern for both private sector and the government in recent years, has impacted the entire tax administration. He stated that the private sector has observed growing momentum in addressing this issue.

He further stated that if the tax administration focuses not only on setting and collecting revenue targets but also on fostering activities and creating an environment that boosts business activities by enhancing taxpayer morale, revenue collection and economic activity will naturally increase.

President Dhakal stressed that the mobilisation of internal resources is directly linked to the tax system and revenue administration. He called for the systematic operation of industry and business activities to achieve targeted revenue collection. For this, he highlighted the need for integrated and coordinated efforts from all relevant government agencies, including creating a business-friendly environment and ensuring returns on investment, particularly in the case of foreign investment.

The programme was attended by directors general of the Inland Revenue Department (IRD), Department of Industry (DoI), Department of Money Laundering Investigation (DMLI), and Department of Revenue Investigation (DRI), as well as FNCCI executive committee members and representatives from various commodity associations and industries.

Addressing queries from attendees, IRD Director General Ram Prasad Acharya emphasised the need for collective efforts to create an industrial and investment-friendly environment.

DMLI Director General Suman Dahal analysed the challenges in creating the expected investment environment and called for a review of the department's work and activities to enhance transparency.

DoI Director General Rajeshwor Gyawali highlighted the importance of inter-agency coordination in promoting an industrial environment and committed to making the department's service delivery more advanced and sophisticated.

Similarly, DRI Director General Chandi Prasad Ghimire opined that recent policies related to the tax system have become more investment-friendly.

The interaction programme concluded with remarks from FNCCI Vice President (Industry Commerce) Sur Krishna Vaidya.

READ ALSO:

• FNCCI hosts Innovation Dialogue on LDC graduation preparation
• FNCCI pledges support for Nepali missions to boost investment, exports
• DPM Paudel, FNCCI President urge American businesses to invest in Nepal