Finance Minister ensure cooperation with private sector

Finance Minister Bishnu Prasad Poudel having discussion with private sector representatives. Photo Courtesy: ministry of Finance.

Kathmandu: Some private sector businessmen reached to the Ministry of Finance on Wednesday carrying a bag of problems to meet Finance Minister Bishnu Prasad Poudel. In particular, there were 4/5 officials of the Nepal Chamber of Commerce. Rajesh Kaji Shrestha, who is also the chairman of the Nepal Chamber of Commerce, unwrapped the problem and started reporting it to the Finance Minister.

They demanded that VAT should be reduced to 10 percent, strict action should be taken on the issue of check bounce, and customs exemption should be given to increase the consumption of domestic goods. Entrepreneurs suggested to reduce VAT, reduce customs duty and reduce income tax.

The businessman said that this would reduce prices and increase the purchasing power of Nepalis. They demand that the rate of VAT should be made two tiers (10 and 13 percent). At present, the VAT rate is the same (13 percent).

Meanwhile, businessman Kamlesh Agrawal complained that the relief package was not implemented even though he addressed it in the budget and monetary policy. Stating that the private sector is still in turmoil, Agrawal said that the problems of the private sector should be solved.

Similarly, businessman Deepak Malhotra said that there was confusion in hydropower as PPA could not be done in dollars. Similarly, the imposition of exercise duty on mobiles has increased the business of importing 40 percent of mobiles in the market, he said.

Although the border checkpoint closed due to Corona is not smuggling now, the Minister warned the smugglers to increase it again when it returns to normalcy.

And, the Finance Minister said, “I think it is the private sector. After
listening to the problems, complaints and suggestions of the businessmen, Finance Minister Poudel assured that he will always win the confidence of the private sector and move forward.”

Finance Minister Poudel said that the government is now focused on the challenges of the country’s economy. He said, “We have to make the economy dynamic without demoralizing the private sector.” I will try to increase your confidence. The program announced by the government is being implemented.

Minister Poudel said that the procedure will be finalized for the implementation of stimulus package and refinancing. He urged the private sector to think of itself as a government. So that both of them know what the problem is. He says, ‘The government thinks as the private sector, you think as the government.

Those who understand each other’s difficulties then there is no distance between the government and the private sector. He also said that no decision will be taken without discussion.