Those failing to submit reports in given time to be fined
KATHMANDU, August 2: All industries will have to submit their progress reports of the Fiscal Year 2017/18 to the government by mid-January 2019, according to a provision of Industrial Enterprise Act 2073 BS that came into force from the past fiscal year.
The Department of Industry (DoI) has announced to bring the Industrial Statistics Entry System soon, allowing the industries to submit their details including production capacity, among others, through the online system. As per the provision, industries are required to report to the government within six months after the end of the fiscal year.
Industries will be notified to do so through a public notice in near future, according to a statement issued by the DoI after conducting discussions with professional bodies of industries including the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) on Sunday. This is applicable to all industries, whether newly established or old.
The provision comes as a departure from the voluntary reporting system that was submitted only through paper reports. The new mandatory reporting system, according to the DOI, is to keep records of the industries: their types, details of goods and services, and data of production. This information is valuable for making long-term strategies for the industrial development in the country, the DoI said. Industries can log into the portal < doind.gov.np > to submit their reports.
Individuals who fail to submit their reports within the given time will be fined Rs 5,000, while the fine is Rs 10,000 for cottage industries. Small, medium, and big-sized industries will have to pay fines of Rs 20,000, Rs 40,000 and Rs 75,000 respectively, according to the DoI.