Chamber's suggestion to bring a budget to increase capital expenditure

Loans to small entrepreneurs at fixed rate of interest for 10 years, export subsidy under one-door system

वैशाख २९, २०८२

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Chamber's suggestion to bring a budget to increase capital expenditure

The Nepal Chamber of Commerce has emphasized that the next year's budget should be realistic and increase capital expenditure. The chamber suggested to bring a realistic budget based on the mobilization of real tax revenue sources and foreign aid received from commitments.

In order to meet the economic growth target taken by the government, the chamber has also demanded to make an action plan with a time-bound schedule for timely capital expenditure as well as policy stability .

"Locally sourced minerals, gems, stones, agriculture, herbs and forest products industries should be encouraged and promoted," the chamber said in a suggestion given to Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel on Monday, "Revenue Investigation Department and Asset Laundering Department should be brought under the Ministry of Finance and mobilized in coordination with the Customs and Internal Revenue Department." It is also mentioned in the suggestion that a policy should be adopted to expand manpower and technology, export business should be subsidized on the basis of value addition, and export subsidy should be provided to the exporters in a simple and easy manner under the one-door system .

The chamber has demanded that a policy should be introduced to encourage domestic investment and to encourage remittances to invest in the infrastructure sector including energy to utilize the skills and abilities of Nepalis who have returned from foreign employment. "In order to stabilize domestic, small and medium industries, a policy should be made to provide loans at a permanent interest rate for 5 to 10 years," said the chamber, "a committee should be formed that includes the private sector and technicians to maintain uniformity between the government valuation of housing and land and the market price". The Chamber suggests that the tax on vehicles should not be increased .

The chamber has also suggested to cancel the current capital loan guidelines 2078 immediately. The chamber said that the limit of income tax should be increased to 10 lakhs for individuals and 12 lakhs for families and the reference value should be recognized in customs and the reference value should be recognized under the valuation method set by the World Trade Organization. The chamber also suggests that agriculture should be given top priority in the budget, and initiatives should be taken for modernization and mechanization, and agricultural producers should be facilitated for investment and lease arrangement by adopting a policy of good utilization of barren land .

In order to improve the sluggish economy, it is suggested by the Chamber that subsidies should be paid to builders and exporters and that the loans of entrepreneurs blacklisted due to tight monetary and financial policies should be restructured and rescheduled. The chamber has also asked to remove the limit of 15 crore rupees imposed on natural persons in buying and selling shares and to reduce the risk burden on share loans to 1 percent.

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