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Private sector blindly supports budget

Kathmandu, 5 June: Representative bodies of private sector have surprisingly refrained from making critical comment on the budget even though it lacks any specific program to increase spending and drive the growth of private sector and boost investments.

Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) has issued press statements in full support of the budget.Unlike in the past years, none of the three bodies of private sector spoke made critical comments on the budget. FNCCI, which issued its press statement on Tuesday after a week of the budget announcement, fully supported the budget. It has only called for reduction in excise duty of some products, reports Myrepublica daily.

According to the paper, office-bearers and executive members of the FNCCI held discussion on the budget on Monday. In the meeting, many executive members criticized provisions like imposition of VAT on transportation and the requirement to file VAT by suppliers and contractors of any public entities immediately after transaction instead 25th day of every month.

The provision that restricts enterprises from counting payments made to laborers as expenses (this means they will have to pay TDS on the expense) and mandatory Permanent Accounts Number (PAN) for all employed people, including laborers or short term employee, were some of the issues discussed in the meeting, according to the executive member.

People’s News Monitoring Service

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