Fri, April 19, 2024

Illegal cross-border trade should be controlled: NCC President Malla

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KATHMANDU: Nepal Chamber of Commerce (NCC) President Rajendra Malla has said illegal trade taking place through the open border with India should be controlled. According to Malla, illegal businesses taking place through the border between Nepal and India should be controlled since the government is losing revenue due to illegal cross-border trade. At a programme organised by Kailali Chamber of Commerce in Dhangadhi, NCC President Malla stated that nearly 40% of the total cross-border trades were illegal. "For the country's trade balance, it is necessary to manage import and export as the illegal trades have serious impact on the government revenue," said Malla. Malla also said NCC is ready to work hand in hand with the government to manage imports and promote exports. He suggested the government make the revenue system more flexible by widening the scope of taxes. The NCC President said revenue leakage at the border has not been controlled yet citing that some people pay taxes while others do not. He stressed the need for making the tax administration effective at all three levels — local, provincial and federal. Further, he said the private sector is committed to disciplined and transparent transactions. Stating that economic indicators are still negative, NCC President Malla underscored the need for reformation in the taxation system. READ ALSO:
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MARCH 2024

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