Sunday, 20 June, 2021
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BUSINESS

Private sector urges govt to exempt fines



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By A Staff Reporter
Kathmandu, June 11: Private sector umbrella organsiations have appealed to the government not to impose fines on those who failed to pay taxes during the prohibitory period.
Issuing a press statement jointly, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) requested the government not to impose any kind of penalty on the entrepreneurs who have not been able to run the industry due to the current difficult situation and have not been able to collect the money by selling and distributing the products of the industry.
They have also requested to consider the abnormal situation as there is no condition to submit the details of value added tax, excise duty and tax amount to be paid monthly when the traffic is stopped due to the prohibition.
The business community has urged entrepreneurs who are running their businesses and are able to pay their revenue in the same manner as last year to support the government by fulfilling their responsibilities.
The second wave of COVID-19, which has hit the economy since the second quarter of the current fiscal year, has severely affected the economy.
Enterprises have come to stop due to the lockdown imposed to prevent the second wave of COVID and it is estimated that about 70 per cent enterprises across the country have been affected at this time.
“We, the private sector umbrella organisations, have jointly urged the government of Nepal to ensure that the economy is protected from the risk of COVID and to achieve the goal of economic growth by fully implementing the budget,” read the press statement.
The revenue collection target of the government for the coming fiscal year of Rs. 1,024 billion would be challenging if the situation continues for a long time as the second wave of COVID-19 has seriously affected the efforts for economic recovery.