Chambers criticise VAT increment

Himalayan News Service

Kathmandu, January 15:

The government decision of increasing value added tax (VAT) by 3.33 per cent has been criticised by various chamber of commerce and industries. At a time when the country’s economy is unstable and the development process has been derailed, the government decision of increasing VAT through an economic ordinance released yesterday will further add pressure to the consumers, states a press release issued by the Makawanpur Chamber of Commerce and Industry (MCCI).

The deteriorating state of industry, commerce and trade has further been weakened with the government decision of increasing VAT. The government has neglected the suggestions of the revenue advisory committee and have made lives of people hard, adds the release issued by MCCI. Similarly, Siddharthanagar Chamber of Commerce and Industry has also condemned the government decision to increase VAT. The conflict prevailing in the country has already displaced working opportunities and the regular increase in price of daily commodities has added burden to the lives of general public. The government policy of increasing VAT to 13 per cent is illogical, states the release of SCCI. Nepal Foreign Trade Association and Birgunj Chamber of Commerce and Industry also through separate releases have condemned the decision of the government to increase VAT. The government has unveiled the ordinence budget yesterday.