KATHMANDU, March 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has sought a three-month extension of the deadline for filing taxes and loan repayment for businesses and firms which are due for mid- April.
Citing that the coronavirus (COVID-19) outbreak was impacting the economy of the country, an umbrella organization of business organizations of the country urged the government to provide a relaxation on deadline to file taxes to the government and loan repayment of bank and financial institutions which are due for the third quarter of the current fiscal year – FY2019/20.
The FNCCI's request to the government comes as firms and companies grow anxious over the possible impact of the pandemic on their businesses.
FNCCI seeks loan repayment holiday extension for businesses bat...
As the deadline approaches to repay the installment for the principal and interest of loans that they have borrowed from BFIs along with the taxes to the government, they have urged the government to provide relief to the private sector.
While Nepal Rastra Bank (NRB) has already allowed BFIs to adopt flexibility on restructuring and rescheduling of loan and debt payment for industries and businesses hit by the coronavirus outbreak, the FNCCI has called for the extension of repayment deadline for all business firms.
Companies and firms have to file various taxes including income tax in the third quarter which is due for mid-April.
A standing committee meeting of the FNCCI held on Friday, has also asked the government to come up with a relief package for those businesses that have already been impacted by the pandemic.
“As other countries have already announced relief packages for its tourism industry that has been hit hardest by the coronavirus, the meeting has decided to request the government to bring in attractive package to protect Nepali tourism sector from further damages,” read the statement of the FNCCI.
Not only the FNCCI has asked the government to offer it relaxation on filing taxes and loan repayment, it has also urged its own members and firms affiliated with them to supply their products in the market in a fair and transparent way. The FNCCI's statement urging its members to become transparent and fair in supplying their products and services come in the wake of growing concerns about the black marketing and artificial shortages by businesses firms under the pretext of coronavirus outbreak. It has also urged the public to refrain from unnecessary hoarding of goods and commodities which could hit the supply system.
