KATHMANDU: Nepal Chamber of Commerce (NCC) has appealed to Finance Minister Prakash Sharan Mahat to make the upcoming budget production-oriented instead of distribution-oriented.
While giving suggestions on the upcoming budget, NCC stressed that the budget should be realistic, implementable and flexible. The chamber suggested that the budget should be production-oriented in order to boost the current economy.
In the suggestions given by NCC to Finance Minister, NCC said, 'The budget should be formulated in such a way as to provide the necessary policy protection and concessions to the entrepreneurs who are hit hard by the severe economic relaxation.'
NCC President Rajendra Malla urged Minister Mahat to spend the allocated development budget by making an action plan according to the time schedule. He said, "The tight monetary policy in the existing economic system has caused serious economic instability due to the negative impact of control-oriented economic policies and making business uncomfortable. It is necessary to focus the budget on production.
NCC has also suggested increasing the scope of the tax as the target revenue collection has not been achieved. President Malla said that a provision should be made to issue PAN cards along with citizenship certificates.
The NCC President said the customs administration should be made more agile and suggested the reference value for customs purposes be scrapped and the transaction value be recognised. Similarly, the chamber also suggests keeping international-level quarantine labs at the customs points.
Other suggestions include implementing a multi-rate system for value added tax (VAT) and different rates for basic commodities and luxury items.
The Chamber has also appealed to the Finance Minister to give tax exemption on income up to Rs 800,000 for individuals and Rs 1.2 million for couples. The chamber has demanded the removal of excise duty on all types of products except for alcohol and tobacco products which are on the negative list.
The private sector's organisation has suggested the government make law for the proper promotion of natural resources and herbal products in the country and arrange for export to the international market.
The Chamber also suggested the government make special arrangements in the budget for utilising barren land. "The country should be made self-sufficient by modernising the agricultural production and by utilising the barren land."
NCC President Malla urged Finance Minister Mahat to make arrangements so that real estate business cannot be done without a broker's licence.
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NCC President Rajendra Malla urged Minister Mahat to spend the allocated development budget by making an action plan according to the time schedule. He said, "The tight monetary policy in the existing economic system has caused serious economic instability due to the negative impact of control-oriented economic policies and making business uncomfortable. It is necessary to focus the budget on production.
NCC has also suggested increasing the scope of the tax as the target revenue collection has not been achieved. President Malla said that a provision should be made to issue PAN cards along with citizenship certificates.
The NCC President said the customs administration should be made more agile and suggested the reference value for customs purposes be scrapped and the transaction value be recognised. Similarly, the chamber also suggests keeping international-level quarantine labs at the customs points.
Other suggestions include implementing a multi-rate system for value added tax (VAT) and different rates for basic commodities and luxury items.
The Chamber has also appealed to the Finance Minister to give tax exemption on income up to Rs 800,000 for individuals and Rs 1.2 million for couples. The chamber has demanded the removal of excise duty on all types of products except for alcohol and tobacco products which are on the negative list.
The private sector's organisation has suggested the government make law for the proper promotion of natural resources and herbal products in the country and arrange for export to the international market.
The Chamber also suggested the government make special arrangements in the budget for utilising barren land. "The country should be made self-sufficient by modernising the agricultural production and by utilising the barren land."
NCC President Malla urged Finance Minister Mahat to make arrangements so that real estate business cannot be done without a broker's licence.
READ ALSO:
- OIBN concludes int'l conference on financing for Nepal
- HoR members suggest clarifying priority sectors in next budget
- Govt urged to cut unnecessary expenditure, reconsider redundant structures
- Finance Minister discusses budget with int’l development partners
- Huge pressure on resource management for new budget: Finance Minister Mahat
Published Date: May 15, 2023, 12:00 am
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