Kathmandu, October 2

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the recently passed Industrial Enterprise Bill by the Cabinet.

Informing that the bill has filled the gaps created by Income Tax Act 2058 BS, FNCCI has said that the provisions in the Industrial Enterprise Bill are industry and investment friendly.

Speaking at a press conference today, FNCCI President Pashupati Murarka said, “The Industrial Enterprise Bill has reestablished different provisions that were omitted in the Income Tax Act. Moreover, the bill has said that no other acts can cut off any facility given to industrial sector in the bill. Such a statement in the law itself ensures growth and sustainability of industries and industrial sector of the country.”

Following growth in industries, FNCCI has opined contribution of productive sector will substantially increase the country’s GDP.

Similarly, FNCCI has also praised the government for placing the provision of ‘one-window service’ in the bill to facilitate trade and industries. “Doing trade in Nepal and running industries was full of procedural hurdles. The ‘one-window service’ that the government has vowed in the bill is surely going to ease things,” added Murarka.

Above all, the private sector has also welcomed the ‘no work no pay’ policy introduced by the government through the new Industrial Enterprise Bill.

However, FNCCI has urged government for strict implementation of provisions of the bill. “Though the bill is investment friendly, it will have no meaning if the provisions of the bill are not implemented. Government and all other stakeholders should now begin to implement the bill,” said Bhawani Rana, senior vice president of FNCCI.