Print Edition - 2018-09-22 | News
‘Government gives top priority to private sector’
- Finance minister vows punitive action against tax dodgers
Sep 22, 2018-
Finance Minister Yubaraj Khatiwada on Friday said the government gives top priority to private sector and the government has plans to simplify taxation.
The minister said this at the opening of the 32nd General Convention of the Pokhara Chamber of Commerce and Industry.
The government has a policy to simplify the tax system, he said and expressed commitment to encourage taxpayers and take action against tax evaders.
He urged industrialists to forward suggestions from foreign industrialists for joint investments. His request comes six months ahead of an international investment summit that would push development of industries. There are plans to amend investment laws, he said.
Under the revenue allocation policy - 70 percent for the federal government, and 30 percent to provincial and local levels - the minister said Rs 114 billion revenue collected so far has been allocated to the provincial and local levels.
There is clarity on tax system now. Some people were confused they had not grasped the finer details of taxation. He reiterated no tax levy on agriculture, but agro business is taxable, he said.
He suggested local and provincial governments should enact tax laws without contravening with the federal laws, and advised new municipalities not to increase tax burden on locals.
At the event, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Vice President Chandra Dhakal mentioned the private sector’s significant contribution to the nation’s development.
Pokhara Metropolis Mayor Man Bahadur GC, FNCCI former president Ananda Raj Mulmi, Baglung Chamber of Commerce and Industry President Jayram Bharai attended the event.
Event organisers honoured Nepal’s paragliding team and its coach. The team recently won a silver medal at the 18th Asian Games held in Jakarta.
Published: 22-09-2018 06:49