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VAT bill racketeers deserve maximum punishment: NCC

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KATHMANDU, April 10: Newly-appointed president of Nepal Chamber of Commerce (NCC) Suresh Kurmar Basnet has termed fake Value Added Tax (VAT) billing as condemnable act and expressed commitment to expel members if their businesses are found involved in the crime.



Basnet said fake billing was a deviation from economic and business norms and those who involve in such graceless and irresponsible activities deserve maximum punishment. [break]



“NCC is ready to cooperate in the investigation being carried out by the government. We are never in favor of tainted persons who want to become millionaires overnight. Such racketeers deserve maximum punishment as per law,” Basnet said at an interaction with newly elected office bearers of NCC, organized by Society of Economic Journalists-Nepal (Sejon) on Sunday.



However, Basnet objected to the direction issued by Public Accounts Committee (PAC) to the government to furnish the files related to the fake VAT bill scam. “PAC has the authority to seek details of government action against the crime but demanding the investigation files is against the common economic norms,” said Basnet.



Referring to the government decision to allow Confederation of Nepalese Industries (CNI) to issue Certificate of Origin (CoO) for exportable goods, Basnet said there would be problem in days to come if the government keeps on increasing the number of institutions designated for issuing CoO. “It is highly possible that the CoOs would be abused if the number of issuing institutions continued to increase. Latest example being the fake VAT bills,” he added.



In addition to CNI, NCC and Federation of Nepalese Chambers of Commerce and Industry (FNCCI) have been designated to issue CoO.



Informing the media persons about the plan of the new leadership, he said NCC would focus on increasing the production of exportable goods in collaboration with FNCCI and establishing a dozen micro-hydro projects by using remittances from workers abroad and investment from local businessmen under public, private and cooperative model. Import of goods is over seven times the exports from Nepal.



 “We will focus on cash crops, small hydropower generation and non-timber goods such as medicinal herbs to expand the export base of Nepali goods at a time when the country is facing burgeoning trade deficit. We are also planning to set the Export Cell at NCC secretariat,” he added.


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