KATHMANDU: Nepal Chamber of Commerce (NCC) officials met with newly appointed Finance Minister Prakash Sharan Mahat and suggested that the target of revenue collection should be met by increasing the scope of taxes. The delegation led by NCC President Rajendra Malla held a meeting with Minister Mahat and offered him congratulations at the Ministry of Finance in Singha Durbar, Kathmandu, on Tuesday.
The NCC officials suggested increasing the scope of tax rather than the tax rate and urged to arrange for issuing permanent account number (PAN) cards along with citizenship certificates.
NCC President Malla emphasized that illegal transactions rampant at the border should also be discouraged and brought under the scope of taxation. He stressed that the system of billing should also be implemented compulsorily.
[caption id="attachment_35023" align="alignnone" width="1000"]
This photo shows Nepal Chamber of Commerce President Rajendra Malla (centre) and Senior Vice President Kamalesh Agrawal (right) in a meeting with Finance Minister Prakash Sharan Mahat at the latter's office in Singha Durbar, Kathmandu, on Tuesday, April 4, 2023.[/caption]
On the occasion, Finance Minister Mahat said that he has seriously taken the current situation of the economy seriously and informed the NCC officials that coordination is being facilitated for the implementation of budget and monetary policy. The minister said that he has been discussing this matter with Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari and the secretaries of the relevant bodies."
Mahat said that he is also aware of the tax collection not meeting the target and expressed his confidence that the economy will recover from the next fiscal year.
The NCC officials also submitted 17-point suggestions on contemporary economic issues to the minister. NCC President Malla appealed to the finance minister to establish a single interest rate as soon as possible to make the economy viable.
He stressed that a time-bound action plan should be made and implemented on capital expenditure to manage the lack of liquidity and urged to make arrangements to review the state of capital expenditure implementation quarterly.
The NCC officials opined that the remittance money should be used to encourage investment in the productive sector.
NCC representatives said it was necessary to encourage remittances for investment in infrastructure and manufacturing and energy sectors. They stressed that working capital guidelines should be implemented only after holding discussions with the private sector, expert groups, and concerned agencies.
The NCC delegation included Immediate Past President Rajesh Kazi Shrestha, Senior Vice President Kamalesh Kumar Agarwal, vice presidents Surendra Kumar Shrestha, Deepak Shrestha, Deepak Kumar Malhotra, Urmila Shrestha and other executive members.
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This photo shows Nepal Chamber of Commerce President Rajendra Malla (centre) and Senior Vice President Kamalesh Agrawal (right) in a meeting with Finance Minister Prakash Sharan Mahat at the latter's office in Singha Durbar, Kathmandu, on Tuesday, April 4, 2023.[/caption]
On the occasion, Finance Minister Mahat said that he has seriously taken the current situation of the economy seriously and informed the NCC officials that coordination is being facilitated for the implementation of budget and monetary policy. The minister said that he has been discussing this matter with Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari and the secretaries of the relevant bodies."
Mahat said that he is also aware of the tax collection not meeting the target and expressed his confidence that the economy will recover from the next fiscal year.
The NCC officials also submitted 17-point suggestions on contemporary economic issues to the minister. NCC President Malla appealed to the finance minister to establish a single interest rate as soon as possible to make the economy viable.
He stressed that a time-bound action plan should be made and implemented on capital expenditure to manage the lack of liquidity and urged to make arrangements to review the state of capital expenditure implementation quarterly.
The NCC officials opined that the remittance money should be used to encourage investment in the productive sector.
NCC representatives said it was necessary to encourage remittances for investment in infrastructure and manufacturing and energy sectors. They stressed that working capital guidelines should be implemented only after holding discussions with the private sector, expert groups, and concerned agencies.
The NCC delegation included Immediate Past President Rajesh Kazi Shrestha, Senior Vice President Kamalesh Kumar Agarwal, vice presidents Surendra Kumar Shrestha, Deepak Shrestha, Deepak Kumar Malhotra, Urmila Shrestha and other executive members.
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Published Date: April 6, 2023, 12:00 am
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