सिंहदरबार संवाददाता
Kathmandu. The slogan of this year’s Tax Day, which is being celebrated with the main slogan “The essence of the tax system, the basis of investment”, has clarified the country’s needs, priorities, and the policies we need to decide in the coming days and their implementation roadmap.
Since the backbone of national development depends on the volume of revenue mobilized by that country, effective mobilization of internal resources is indispensable for building a strong economic system and advanced society of any country. Since the main basis of revenue collection is industry, the preparation of an industry-friendly ecosystem is a prerequisite.
Since sufficient capital is required to build a strong economy, domestic and foreign investment is indispensable for this. We must not forget this reality. I would like to remind you here of the fact that an investment summit was organized last Chaitra in collaboration with the Federation of Nepalese Chambers of Commerce and Industry.
Accepting the bitter reality that foreign investment inflows have declined in recent years and have not even reached ten billion rupees annually, the main priority today should be to work on investment promotion in the coming days.
Even if we look at it today, the government’s treasury is in a negative position by almost 1 trillion rupees. Even when other receipts besides revenue are included, the treasury is in a deficit of more than 85 billion.
The current state of tax collection must be improved to overcome this unbalanced fiscal situation and to raise the necessary resources for capital expenditure. In order to collect the expected revenue, there must be a business-friendly environment for the industry, for which the economy needs to be dynamic due to increased demand in the market and improvement in economic activities, so I would like to draw your attention to the important role of tax administration in this.
There can be no doubt that if Nepal’s tax system can be revised as necessary to create an investment-friendly environment and made taxpayer-friendly, it can play an important role in attracting more investment to the country.
If this time’s slogan can be implemented in practice, the economic sector, which has been stagnant due to limited investment, will become dynamic, economic activities will expand, and revenue mobilization will also increase. .
The Federation of Nepalese Chambers of Commerce and Industry is committed to and continues to collaborate with the government to strengthen the country’s economy. We are always active in working closely with the country’s policymakers to make the tax system investment-friendly and productivity-oriented.
A transparent and effective tax system not only encourages tax compliance, but also encourages economic growth and attracts domestic and foreign investment.
I would like to draw the attention of the Department of Internal Revenue and all stakeholders to provide more energy in the coming days to make the overall tax administration professional, technology-friendly, and ethical by making the existing tax system automatic, transparent, and taxpayer-friendly, and increasing voluntary tax participation and tax compliance.
Finally, on this National Tax Day, let us all fulfill our respective responsibilities. Let us reaffirm our commitment and contribute to the construction of a prosperous Nepal. I would like to once again extend my best wishes to everyone on National Tax Day 2081.
(Thoughts expressed by FNCCI Vice President Shrestha at the program organized on Tax Day 2081##)
प्रतिक्रिया दिनुहोस्