Stockbrokers meet CPN-UML chairman to resolve VAT controversy
Kathmandu, December 21
Stockbrokers have met the Chairman of CPN-UML KP Sharma Oli and requested removal of the provision of imposing value added tax (VAT) on share transactions.
In a meeting with Oli at his residence today, representatives from Stock Brokers Association of Nepal (SBAN) urged him to take the initiative to remove VAT on share transactions.
The Taxpayers Service Office (TSO) Tripureshwor had recently urged three brokerage firms that are registered under its working area to pay VAT of the share trading of last four fiscal years. Since then, the stockbrokers have been meeting top level bureaucrats and leaders and seeking their support for retraction of the TSO’s decision.
“TSO is trying to impose VAT on share transaction and we requested the UML chairman to facilitate us so that the decision of TSO can be revoked,” one of the representatives of SBAN said.
Addressing the concerns raised by the brokers, UML Chairman Oli said the next government will create an investor-friendly environment for secondary market investors. “The next government will address the concerns of capital market and create a favourable environment for investment,” Oli assured the SBAN team, according to the representative.
Oli also requested the investors not to be influenced by hearsay and that they had no reason to worry about the communist government that will be formed soon.