Dinesh Shrestha, chairperson, Custom and Excise Duty

Committee FNCCI

The new government formed after the Jana Andolan has many challenges for the reconstruction of new Nepal. However, the challenges are also opportunities for leaders to prove their mettle as well. The budget should provide some relief to all sectors besides boosting political stability and peace.

The industry and business sector which were badly affected by the political instability and violence for more than a decade, looks forward to healthy and friendly revenue policy.

The budget should be oriented towards entrepreneurs, development and investment. It should increase competitiveness of local industries and must introduce mandatory regulations on subsidised loans from banking sectors to industries. Business-friendly labour laws should be enforced.

Service sector needs a long-term policy. These sectors must be focused strongly. The forthcoming budget, which is going to be enforced under the rainbow consensus of the seven party alliance and the Maoists, should be a long-term economic agenda of the country. The budget should not be made for the sake of budget only. That means it should strive to address the long-term economic goal of the country. The revenue policies and regulations made earlier should be continued.

We need to adopt modern computerised technology to systematise the tax administration while imposing clear and strict regulations to discourage revenue leakage and unauthorized trade. The government also needs to put into effect taxpayer friendly revenue policies to boost revenue collection. The government need not to be at the mercy of international community for general expenditure and could generate some funds for development expenses.