FNCCI demands repeal of double taxation system

The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has demanded the government to remove double taxation system citing that the taxes levied by the federal and provincial governments have dampened the spirits of the private sector. According to FNCCI, double taxation system must be removed in order to encourage private sector, which has already been badly affected due to the Covid 19 pandemic. The newly elected executive committee of the FNCCI had called on Finance Minister Bishnu Prasad Paudel, where they put forth the issues of the private sector. The FNCCI delegation also emphasised on the implementation of the programmes mentioned in the budget and monetary policy. FNCCI President Shekhar Golchha said that the federation is in the process of preparing a vision paper and would finalise it in collaboration with the government. The FNCCI is preparing a strategic paper on how to uplift the private sector of the country and the priority areas. In response, Minister Paudel said that special emphasis will be laid on the effective implementation of the programmes announced through the budget and monetary policy while focusing on minimising the impact of Covid 19 pandemic. The Minister also added that he is ready to implement the programmes mentioned in the budget and monetary policy by removing the obstacles. Urging the private sector not to doubt the government’s intentions, he said that the government has a positive attitude towards the private sector and is ready to collaborate for economic prosperity of the country and its citizens. Stating that nothing will be imposed on the private sector, Finance Minister Paudel informed that the policy will be formulated with the participation of the private sector. He said, “We are in constant dialogue and discussion. We listen to suggestions of all the stakeholders and are ready to work together with private sector companies.” He further assured that the suggestions given by the private sector will be discussed thematically and also urged the private sector stakeholders to give practical suggestions.