Sat, April 20, 2024

Economic problems are being resolved gradually: Finance Minister Mahat

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KATHMANDU: Finance Minister Prakash Sharan Mahat on Thursday said the economic problems were being gradually resolved. Concluding the Tax Week organised on the occasion of the National Tax Day, 2080, the minister said an all-party meeting was held in the presence of responsible bodies to resolve problems in the economy.

Minister Mahat said that the economy was in trouble due to Covid 19 pandemic, and the earthquake. The problem piled up due to policies taken without assessing the economic situation, he added. However, current economic problems are disappearing and advancing towards a positive direction, according to the finance minister. He claimed that the country's situation is improving but at a slow pace.

The government is encouraging investment in areas such as job creation, production growth and green energy, Minister Mahat informed and said there is a high investment potential in information technology and tourism. He reiterated that the government and the private sector will work together and bring about positive results."

In another context, Minister Mahat informed that the government has already paid the bill which was its liability, and urged other ministries to furnish the details immediately if there are any dues.

He directed tax administration employees not to trouble taxpayers under any pretexts. He also urged the Inland Revenue Department to make arrangements for honouring the best taxpayers in the small and medium sectors.

Finance Secretary Krishna Hari Pushkar stated that the reports of national and international bodies have shown that Nepal's economy is moving on the right path. Further, he claimed that the government's reform programmes have given momentum to the economy. He shared that the government has prioritised resolving the problems being faced by private sector.

Similarly, Federation of Nepalese Chambers of Commerce and Industry (FNCCI)  President Chandra Prasad Dhakal shared that although economic indicators of the country are positive, private sector's morale has not been boosted yet.  He suggested the government move ahead taking the private sector into confidence.

Likewise, Nepal Chamber of Commerce (NCC) President Rajendra Malla pointed out the need to increase awareness to bring entrepreneurs under the tax ambit, to boost up self-confidence of entrepreneurs, and permanent tax policy, adding the trend of not paying tax should be discouraged.

Confederation of Nepalese Industries (CNI) President Rajesh Kumar Agrawal stressed that the scope of tax should be increased instead of tax rate. Capital expenditure should be increased and an environment to spend capital expenditure should be created, he added. He thanked Prime Minister Pushpa Kamal Dahal for holding all-side talks to bring the economy on the right path at a time when the country's economy is facing pressure. 

Surya Nepal Vice-President Rabi KC opined that the culture of honouring taxpayers has encouraged many entrepreneurs, adding the government should encourage taxpayers and investors.

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MARCH 2024

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