Suggestion to introduce programs to increase the purchasing power of citizens and the production and productivity of entrepreneurs in the budget

Federation of Nepal Chamber of Commerce and Industry, the umbrella organization of the private sector, has demanded that the government bring a program to increase the purchasing power of citizens and the production and productivity of entrepreneurs in the next year's budget. In the pre-budget interaction program organized by the federation on Sunday, the industrialists expressed their hope that there will be a policy to encourage investment in the upcoming budget.

This time's budget, the expansion of open economy with social justice, structural changes for the new stage of economic reform, promotion of the private sector, enhancement of governance and revenue mobilization and effectiveness of public expenditure should be included in its objectives and priorities.

They emphasized that the main attraction of this time should be the program to increase development expenses by reducing general expenses and increasing the purchasing power of the general public and the production and productivity of entrepreneurs. According to the study conducted by the federation from all over the country, policy instability is the main obstacle to the expansion of industry and business.

Although there is no political stability, many countries have achieved economic progress by stabilizing policies and institutions. That's why political stability is the main need of the moment, said Federation President Chandra Prasad Dhakal. "The importance of the private sector is acknowledged publicly by all parties, and it is to ensure an environment where entrepreneurs can do business in a respected manner," he said, "According to a study conducted by the Confederation and the World Bank, the private sector contributes to 81 percent of the economy. Similarly, 86 percent of employment is provided by the private sector.' In such a situation, Chairman Dhakal said that special attention should be paid to stability by declaring 2082/92 as the investment decade in the upcoming budget to cover all sectors.

is like this, some of the main suggestions of the federation in the upcoming budget are that until

technology is not accessible and all services are online, small household and small enterprises should register the respective ward offices in one place and arrange for the revenue to be paid. Arrangements should be made to give tax payment certificate immediately after paying the revenue.

In order to facilitate large and foreign investment, the investment board and the industry department should be merged to form a powerful body. After the investor submits the details to the agency, legal arrangements should be made so that the entire work is done by the same agency.
It is appropriate to make a simple arrangement for ordinary citizens to change their former citizenship to a national identity card. It is necessary to convey the message that digital services are meant to provide convenience to the common people and not to cause trouble.
The trend of only 17 percent of the budget being allocated for capital expenditure and that too only 60 percent of the budget, on the one hand, the expected development has not been achieved in the country, on the other hand, due to low demand in the market, private sector business has also been affected.
For more than 6 months, more than 6 trillion rupees of investable funds have been accumulated in Nepal's banking system. In three months, the interest rate decreased by 3 percentage points to single digits, but due to lack of demand in the market, there is no expansion of business and industry.
The system of cutting off the facilities provided by the Industrial Business Act and other laws by the Economic Act should be ended. Concession program based on production should be continuously conducted for 10 years including productive sector with high value addition. A similar program implemented in 14 productive sectors in India has increased investment by five times in one year.
Import substituting industries should be given preferential treatment. The guidelines regarding the use of indigenous products should be fully followed.
Production industry, tourism, service industry providing more than 100 jobs will be given minimum 40% discount in income tax with the honor of employment champion.
In relation to quarrying, sale, distribution and export of gravel-road-stone, arrangements should be made to export the quantity exceeding the internal consumption (estimated at 20 million cubic meters per year).
The exemption facility currently given to the startup industry should be continued for another five years.
It is necessary to encourage the private sector to establish ICT malls.
Hotel resorts, polytechnical institutes, other educational institutes, teaching hospitals to be established in hill station should be provided with access roads and electricity facilities and 50 percent discount on income tax should be arranged for the first five years.
Indian tourists can bring only 25,000 baht when they come to Nepal, and they should be able to bring currency up to 5,000 dollars like those coming from other countries.
Modality should be decided for proper operation of Nijgarh Airport and Gautam Budh and Pokhara International Airport.
2082 The companies that build and operate hydropower projects within the middle of June 2082 will be exempted from income tax at the rate of 50% for 10 years and for 10 to 15 years and VAT will be refunded. Accordingly, to increase production, this time limit should be extended by 10 years until 2092.
Advance income tax on international cargo business should be abolished.