Demand to adjust tax and duty rates so that there is no significant difference in the price of goods between the Nepali and Indian markets to prevent unauthorized imports through open border gaps
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Industrialists and businessmen have demanded an end to the practice of imposing restrictions on the import of goods on the pretext of generating more revenue from imported goods and passing inspections.
They stressed that tax and duty rates should be adjusted so that there is no big difference in the price of goods between the Nepali and Indian markets to prevent unauthorized imports through the open border loophole. They made this demand at the 45th annual general meeting of the Nepal Overseas Export Import Association, a representative organization of import-export entrepreneurs.
At the program, association president Shiva Kumar Agrawal stressed that tax and duty rates should be adjusted so that there is no big difference in the price of goods between the Nepali and Indian markets to prevent unauthorized imports through the open border loophole. He carefully examined the policy and procedural weaknesses for the concerns of import-export entrepreneurs and suggested solutions for policy reforms.
At the program, House of Representatives member Ganesh Parajuli said that the government would create an environment in which entrepreneurs and businessmen would feel respected in the coming days. MP Parajuli said that the private sector's cooperation is indispensable to fulfill the five commitments made public by the National Independent Party, which won a two-thirds majority in the election, through a pledge before the election. He said that the Import and Export Act is in the process of being drafted and that cooperation with stakeholders is necessary. "If businessmen can pay the revenue and fees owed to the government online, why can't the refunds received by businessmen be done online? Start working on this from tomorrow," he said.
Parajuli emphasized the need to formalize the informal economy in a situation where the country needs to be removed from the FATF's gray list. He advised businessmen to work with a clear intention. "Come with a clear intention, let's see which laws need to be amended," he said.
Addressing the program, President of the Federation of Nepalese Chambers of Commerce and Industry Chandra Dhakal said that the federation and other private sector organizations should collaborate to solve policy problems.
Birendra Raj Pandey, President of the Confederation of Nepalese Industries, said that the private sector should be engaged in production and export promotion, pointing out the need for a policy framework that would support it.
Kamale Kumar Agrawal, President of the Nepal Chamber of Commerce, emphasized that an economic revolution is needed now that the people want change and the private sector wants stability. Pointing out that 150,000 businessmen have been blacklisted due to policy reasons, he pointed out the need to study the multi-rate value-added tax.
