In the discussion organized by the Morang Industry and Trade Association on Wednesday, the businessmen submitted detailed suggestions to the minister regarding the protection of the industry-business sector and the economic development of the country.
After becoming a minister, the industrialists of Morang have suggested to Finance Minister Rameshwar Khanal, who participated in the first program outside Kathmandu, to revise the rate of import tax according to India's GST rate.
In the discussion organized by the Morang Industry and Trade Association on Wednesday, the businessmen submitted detailed suggestions to the Minister regarding the protection of the industry-business sector and the economic development of the country. President of the association Anupam Rathi presented the policy proposals to be implemented at the immediate, mid-term and long-term levels before Finance Minister Khanal.
Rathi submitted a comparative table of Nepal-India tax system of about 50 items demanding that Nepal's import tax rate should be revised according to India's GST rate.
Multi-rate value added tax should be implemented for both industries and businesses, diplomatic initiatives should be taken with the Indian government to get BIS certificates to Nepali exporters on time, 40 percent working capital loan limit should be abolished for manufacturing industries, securities transactions should be strengthened and the IPO process should be speeded up.
Similarly, there was a demand to immediately open food imports, which were stopped due to lack of foreign exchange, to give concessions on the import of industrial machinery and to give tax breaks to domestic industries for five years, to bring a policy to take advantage of the American low tariff rate, and to bring a policy to establish industries targeting the 300 million population of India's border.
The businessmen urged the government to increase investment in the energy, infrastructure, health, education and tourism sectors in the long-term strategy, and take a policy to complete revenue-focused projects on time.
After listening to the suggestions of the businessmen, Finance Minister Khanal addressed the positive demands raised by the Gen-G generation to end corruption and said that the government is continuously striving for transparent tax administration, investment-friendly environment and economic development in cooperation with the private sector. He promised to give priority to the suggestions received from the association and study them for implementation. The
event was attended by Chandra Prasad Dhakal, President of Federation of Nepal Industry and Commerce, Pawan Kumar Sarada, President of Nepal Industry Confederation-Koshi, Suresh Kumar Sharma, former president of the association, Rajendra Raut, President of Federation of Commerce and Industry Koshi and others.
