Kathmandu. The private sector has stressed the need to open the door to policy stability and investment through the budget for the upcoming fiscal year 2082/83 BS.
In today’s meeting of the Finance Committee under the House of Representatives, the representatives of the private sector stressed the need to encourage the private sector by declaring the coming decade (2082-2092) as the investment decade.
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) senior vice-president Anjan Shrestha said the next year’s budget should include the expansion of open economy with social justice and bringing positive changes for the new phase of economic reforms.
“Programmes to increase development expenditure by reducing ordinary expenditure and increasing the purchasing power of the general public and production and productivity of entrepreneurs should be introduced in the upcoming budget,” he said, adding that an investment-friendly environment with policy stability is the need of the hour. ’
Stressing the need to give priority to import substitution industries, Shrestha said that the manufacturing, tourism and service industries providing more than 100 jobs should be given 40 percent exemption in income tax along with employment champion honor.
National Council member of Confederation of Nepalese Industries Laxmi Prasad Subedi stressed the need of identifying new areas of investment and encouraging the private sector towards it. “In order to attract investment, the rate of income tax on profit of manufacturing industries should be gradually reduced to 10 percent,” he said, adding, “The increase in capital expenditure as well as creating a conducive environment for investment from the private sector should be encouraged.” ’
Acting President of Nepal Chamber of Commerce Deepak Malhotra stressed the need of ensuring policy stability through the upcoming fiscal year’s budget. Stating that a policy should be adopted to encourage the use of electronic devices, he opined that more concessions should be given instead of increasing the tax on electric vehicles.
MP’s emphasis on an inclusive and balanced budget
In the meeting, Lawmaker Purna Bahadur Tamang stressed the need for allocating an inclusive and balanced budget based on the country’s development situation. Narayani Sharma stressed the need for the private sector to move ahead together for the development of the economy.
Surya Bahadur Thapa Chhetri stressed the need of determining social security allowance based on national income and average age. “The allowance should be determined based on the average age and national income, not the state’s assistance to the citizens,” he said. ’
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