The Confederation of Nepal Industries (CNI) has requested the government to ensure that the economic policy is stable for the next 10 years. Submitting suggestions to the Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel for the budget of the financial year 2082/83, CNI emphasized that the private sector should be taken as an engine of development.

"It should be ensured that the economic policy will be stable for the next 10 years by adopting a policy of increasing investment with confidence," said the suggestion given by the CNI to the Ministry of Finance. Presenting suggestions on behalf of CNI, President Rajesh Kumar Agarwal asked for a policy to promote investment by announcing investment year for the next 10 years. 

Agrawal says that by providing general regulation to imports and general concessions to domestic production, investment in the country will increase and production will increase. If there is a legal provision (subsection (d) of section 25 of the Industrial Business Act, 2076) that the customs rate on the raw materials used to produce the goods is at least one level lower than the customs rate on the finished product, CNI has suggested that the difference should be at least two levels. 

"In the coming year, there should be an arrangement of only limited types of taxes (income tax, customs, excise duty and value added tax) by integrating the many types of taxes existing in Nepal," it is said in the suggestion, "Value added tax should be made multi-rate (0, 5, 13 and 18) and the minimum transaction limit that should be included in this tax should be reduced. Everyone should be included in this tax. CNI believes that this will reduce the price of Nepali products, compete with Indian goods and market prices and help control unauthorized imports. 

CNI has requested to develop a system of collecting all taxes from one place and distributing or distributing them to different levels or agencies by the state while also integrating the system of tax collection. Chori Paithari has suggested that the irregularity at the customs point should be controlled as the domestic industry has suffered a lot and is losing revenue.

It has also been suggested to abolish the practice of customs reference manuals to make effective intergovernmental coordination with clear mandates and responsibilities to control unauthorized imports and customs revenue diversion. Similarly, it has been suggested that from the coming year, only quality goods can be imported into Nepal and at least 100 quality standards for the main goods to be imported within the next fiscal year should be made and implemented in the import. 

CNI has asked to review the strict policy rules currently in place to ensure sustainable use of natural resources. It has also requested to make legal provision regarding advance security and collection of loan, remove duplication of Section 57 and 95A of Income Tax.

"In order to attract a large amount of investment (foreign or domestic), which is essential for the country, the income tax rate on the profit of the manufacturing industry should be gradually reduced and maintained at only 10 percent," it is said in the suggestion, "to restore the tax exemption facility given to the export industry on export income, a policy arrangement should be made to establish and operate a national startup incubation center in collaboration with the private sector." CNI has also suggested to encourage construction from the region.