Himalayan News Service

Kathmandu, January 6:

As legitimacy of ‘ordinance budget’ for the current fiscal year is coming to an end in a few days, deputy prime minister and finance minister Bharat Mohan Adhikari today assured at a meeting of economists, businesspersons, journalists and government officials, to incorporate the suggestions submitted by Revenue Advisory Board (RAB) constituted under the ministry of finance (MoF). The ordinance budget has to be renewed after every six months in the absence of parliament. Every year, a committee headed by joint secretary Deep Basnyat

at the ministry of finance comprising of private sector and independent experts is constituted to submit suggestions and recommendations regarding ‘customs and revenue’ before the new budget is unveiled. Adhikari said that despite difficult economic and political environment, government is still able to collect targetted revenue, thanks to initiatives taken by private sector. RAB coordinator Basnyat said that the government would move ahead with the coordination of the private sector as to tax issues by reforming acts. He said that the issues of expanding the VAT net, billing system and other instruments have been considered while making the suggestions. RAB said that there is a need to control illegal production, sale and distribution of liquor. According to the RAB statement, as per the world customs organisation norms, domestic industries need protection with effective custom rates, and they should promote export and import by simplifying bank guarantee rules and regulations.

Speaking on the occasion, Binod K Chaudhary, president of Confederation of Nepalese Industries (CNI) said that despite difficulties and various challenges faced by the business sector, revenue collection is uneffected. “Therefore,” he added, “the time has come for the government to act effectively to boost the private sector by removing artificial cost of transaction.” Diwakar Golchha, second vice-president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) suggested that the government should identify thrust areas of economy and make long-term policy to sustain the economy in a long run. He also requested the government not to increase taxes at this time of crisis.

Surendra Bir Malakar, second vice-president of Nepal Chamber of Commerce (NCC) opined that the business sector’s intention is to increase revenue for which the government must bring friendly policies.