Economic problems being gradually resolved, claims Finance Minister

Kathmandu, Nov 23: Finance Minister Dr Prakash Sharan Mahat today 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 took place in the presence of responsible bodies to resolve problems in the economy.     

"The world's economy is suffering. We also faced that suffering. The country's economy is afflicted due to internal and external factors," he said of the past practices that took the country's economy to a difficult situation, "The economy was in trouble due to the COVID-19 pandemic, and the earthquake. The problem piled up due to policies taken without accessing the economic situation."     

Current economic problems were disappearing and advancing towards a positive direction, he claimed. "Every country is going through problems. None is without problems. Problems have been resolved. Confidence has increased that something positive will take place in the country. The country's situation is improving although not at the speed as expected."     

Maintaining that the government was encouraging investment in areas such as job creation, production growth and green energy, the minister said there is a high investment potential in information technology and tourism.     

"Nepal has a future, let’s establish a positive narrative. There are sometimes ups and downs in the economy. But the government is active in bringing the economy on the right track. The government and the private sector will work together and bring about positive results."     

In another context, informing that the government has already paid the bill that was its liability, he urged other ministries to furnish the details immediately if there are due payments.     

Directing the employees of the tax administration not to trouble taxpayers under any pretexts, the minister urged the Inland Revenue Department to make arrangements for honouring the best taxpayers in the small and medium sectors.     

Stating that the reports of national and international bodies have shown that Nepal's economy is moving on the right path, Finance Secretary Krishna Hari Pushkar mentioned that the government's reform programmes have given more momentum to the economy.     

He shared that the government has been taking the problems of the private sector seriously and is actively involved in resolving the problems.     

Similarly, the President of the Federation of Nepalese Chambers of Commerce and Industry, Chandra Prasad Dhakal, shared that although economic indicators of the country are positive, the private sector's morale has not been boosted yet.     

He suggested the government move ahead taking the private sector into confidence.     

Likewise, the Chairperson of the Nepal Chamber of Commerce, 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.     

President of the Confederation of Nepalese Industries, Rajesh Kumar Agrawal, stressed that the scope of tax should be increased, not tax rate, capital expenditure should be increased and an environment to spend capital expenditure should be created.     

He thanked Prime Minister Pushpa Kamal Dahal 'Prachanda' for holding all-side talks to bring the economy on the right path at a time when the country's economy is facing pressure.

Vice-President of Honoured Surya Nepal Pvt Ltd, Rabi KC, viewed that the culture of honouring taxpayers has encouraged many entrepreneurs, adding the government should encourage taxpayers and investors. (RSS)