Thursday, 29 July, 2021

Reduce corporate tax, CBFIN demands


By TRN Online, Kathmandu, July 22: Confederation of Banks and Financial Institutions, Nepal (CBFIN) has demanded that just like other industries and trade, the corporate tax of banks and financial institutions need to be reduced to 25 percent.

The team led by the Chairman of CBFIN Pawan Kumar Golyan submitted 17 point suggestions on Wednesday to Finance Minister Janardan Sharma to consolidate cooperation between the private sector and Finance Ministry to revive the economy hit by the COVID-19 pandemic and natural calamity.

The suggestions have emphasized ensuring institutional representation of CBFIN in board, committee and task-forces of the government and regulation agencies. The document also mentioned on effective implementation of the present provision with regard to the conversion of promoter share into ordinary share as per the law.

It has put special emphasis on creating employment by preparing some 10,000 entrepreneurs through training on entrepreneurship selection of appropriate entrepreneurs and availability of financial investment in all the seven provinces by mobilizing the amount under the corporate social responsibility of the BFIs.

Senior Vice President of CBFIN Bhoj Bahadur Shah highlighted that discrimination against corporate houses should be abolished, development and finance company should be allowed for foreign currency transaction, provision of approving the mortgage of development and finance company by government administration should be made and broker licenses of the share should also be provided to bank and financial institutions.

A press release issued by the CBFIN stated that senior executive member of the CBFIN and Chairman of Nepal Investment Bank Prithvi Bahadur Pandey urged for the implementation of the provision of the conversion of promoter share to ordinary share according to prevailing regulation and international practice.