Kathmandu. Finance Minister Dr. KATHMANDU: Swarnim Wagle has said that the capital of the private sector is essential for the development of the country. Receiving suggestions presented by the Confederation of Nepalese Industries (CNI) for the upcoming fiscal year’s budget, Finance Minister Khatiwada pointed out the need of reform in legal and tax system.
On the occasion, Chairman of Confederation of Nepalese Industries Birendra Raj Pandey urged the government to bring budget in a way to increase industry, investment, employment and income generation, taking the private sector as the growth engine. The CNI has suggested sectoral reforms in industry, foreign investment, tax system, customs, tourism, energy, information technology, agriculture, insurance and capital market among others for production-oriented economy
.
Likewise, the CNI has suggested implementing industry-friendly policy, stability of tax system, production, employment-oriented budget, tax exemption on raw materials and refund of customs duty on industrial raw materials. They have also demanded tax exemption to industries that use at least 40 per cent local raw materials to encourage domestic production.
Stating that development was not possible without the participation of private sector, Finance Minister Wagle pledged to create favourable environment for infrastructure, investment and industrial expansion.
Leave your comment