Tax dispute between govt and private sector should end: FinMin

Published On: May 2, 2022 06:00 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, May 2: Finance Minister Janardan Sharma has said that the conflict between the Ministry of Finance and the private sector over tax collection should end.

Speaking at a pre-budget discussion program organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Monday, Finance Minister Sharma said that the conflict between the ministry and the private sector over raising and reducing taxes should end. He also called for an immediate end to the conflict and for the tax system to be regulated.

He said the tax dispute between the government and the private sector would be ended, adding that the private sector contributes 70 percent to the country's economy.

Similarly, Finance Minister Sharma said that the government would bring only projects capable of carrying foreign loans. Urging the private sector to make efforts to bring investment in the business sector, he said that the government will facilitate foreign investment in the industry.

The government said it was ready to provide land for 50 years as per the demand of entrepreneurs for setting up industries. Finance Minister Sharma said that the solution to the current problems in the world economy and the country's economy is to establish a productive economy.

He stressed the need for linking agriculture with industry. Minister Sharma said that the world situation and internal problems could be solved by modernizing agriculture and linking agriculture with industry.

Similarly, Finance Minister Sharma said that the recent power crisis in the industries would be resolved immediately. Stating that he has already informed the Prime Minister of the issue, he expressed his belief that the problems of the industrialists will be resolved very soon.

Similarly, the Finance Minister said that long-term suggestions could not be heard as budget formulation has now reached the final stage. He urged the entrepreneurs to give suggestions within three days by writing down what kind of policies are needed for making Nepali industries self-sufficient.