Nepal | May 20, 2019

‘Tax system moving ahead in a progressive manner’

Tilak Ram Rimal

CHITWAN: Finance Minister Yuvaraj Khatiwada has stressed that the current system of taxation is moving ahead in a progressive manner.

Speaking at an interaction programme with industrialists from Province 3 and 5, Minister Khatiwada said, entrepreneurs should operate their business with a motive of benefitting all instead of taking all perks for themselves.

Majority of the problems faced by industrialists have been addressed so far and some of them are moving in the right direction, Khatiwada shared.

“Many laws and acts have been formulated to make a conducive environment for industrialisation and attracting foreign direct investment, some of the laws are in the process of enactment, and after some time all the issues will be resolved,” Minister Khatiwada added.

Referring to some targeted attacks on industrial houses, Minister Khatiwada said the government is working to create a separate industrial security force in which private sector would also be making contributions.

He also said that the government is always looking to work with the private sector. He added that the government was hopeful that in the next five years, 55 per cent investment would be made by the private sector.

When the industrialists inquired about government’s view on high import tax on raw materials, Minister Khatiwada reiterated that some raw materials were finished goods in itself while others were used to make finished goods. He said the industrialists should move ahead by clearing the taxes.

He also said that the government was working to fix the bank interest rates.

The government is formulating laws to preserve local industries as the government is aware that importing cheap materials would turn Nepal into a dumping site, said the Minister.

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