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CNI welcomes Industrial Act
The Confederation of Nepalese Industries (CNI) has welcomed the newly endorsed Industrial Enterprises Act saying that it has increased private sector confidence.The Confederation of Nepalese Industries (CNI) has welcomed the newly endorsed Industrial Enterprises Act saying that it has increased private sector confidence.
The new act will lead towards an improved business environment, the CNI said. The newly endorsed act has given income tax exemption to new industries and addressed security concerns of established industries, the association said Monday in a press statement.
“Such facilities will be the cornerstone for the development of private industries in the country,” the CNI said. The new law has also given income tax exemption for up to five years to hotels, resorts and other tourism businesses established in places other than metropolitan and sub-metropolitan cities.
Moreover, the new act has incorporated the provision of ‘no work, no pay’, a long-standing demand of the private sector. The private sector has been frustrated by the practice of employees halting work in the name of protests and then demanding wages for the period of the stoppage.
Following the endorsement of the act, factory owners will not have to make such payment. “It will help to minimize strikes and lockouts in the industrial sector.”