FNCCI team seeks policy stability, focused reforms
Kathmandu, June 26
A delegation of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has drawn the attention of Finance Minister Gyanendra Bahadur Karki on need for policy stability and focused reforms to attract investment into the country.
Citing recent attacks and donation drive carried out by some forces, FNCCI delegation led by its President Bhawani Rana has urged the finance minister to ensure the security of investment and investors.
The private sector umbrella body has sought some facilitation from the government to encourage private investors to further invest in the country. “FNCCI seeks scrapping of provision that requires depositing 50 per cent of tax amount determined by revenue administration as guarantee when approaching revenue tribunal or court against the decision of tax administration,” Rana said, adding, “Such provisions and rules that discourage investors should be scrapped or amended.”
FNCCI delegation also discussed the volatile interest rates of the banks, which could make businesses unfeasible. Along with stability in the interest rate the FNCCI team also sought interest rate subsidy for productive sector.
Private sector umbrella body has also sought harmonisation among industrial promotion policy, trade policy and tax policies. “Various facilities offered by the industrial policy, trade policy are not in tandem with tax policies, which is why the industrial sector has been deprived of capitalising on the facilities offered by trade, industry and tourism-related policies,” according to Rana. “Tax policies should also promote productive sector of the country, which could help bridge the ballooning trade gap.”
FNCCI delegation expressed dissatisfaction over lack of proper discussion with private sector on some bills, such as Consumer Rights Protection Bill, among others.
FNCCI also urged the government to raise investment in infrastructure and focus on developing common infrastructure in the region to reap benefits of regional prosperity.
During the interaction, Finance Minister Karki said that he considers private sector an engine of economic growth. He expressed commitment to work jointly with the private sector to develop Nepal as a vibrant and self-reliant economy.