Entrepreneurs demand customs, tax rates change

blog

By Our Correspondent,Nepalgunj, Apr. 24The industrialists in Banke have suggested that the customs rate and tax rate should be altered. They made this remark while providing suggestions to the Revenue Advisory Committee during an interaction with the industrialists and businessmen of the district on tax issues.

In the programme facilitated by Nepalgunj Chamber of Commerce and Industry, most of the businessmen complained that single rate value added tax (VAT) on all types of goods is impractical. 

They suggested to either remove customs duty and VAT on consumables or reduce the rate on them compared to other goods.

Abdul Wahid Mansuri, former president of Nepalgunj Chamber of Commerce and Industry and central member of the Federation of Nepalese Chambers of Commerce and Industry, said that the state has failed to respect businessmen who pay taxes. He asked the government for tax and customs exemption on food items.

Stating that goods imported by clearing customs are being checked at various places to cause hassles to the businessmen, he said that this practice should be stopped. He said, “If the goods are brought in against the rules from the customs, the businessmen should be punished, but why is there an exemption for the related employees?”

Representative businessmen from different sectors participated in the programme, small and big entrepreneurs, retailers, wholesalers, construction professionals, service sector businessmen, industrialists briefed about the problems faced by them in the respective sectors and suggested that changes in tax and customs rates are necessary.

Most of the businessmen demanded that proper customs rates should be maintained to control illegal imports and smuggling due to open borders.

Nandlal Vaishya, former president of Nepalgunj Chamber of Commerce and Industry, said that the state can be strong only if the industrialists and businessmen are strong and the government should strengthen the industrialists and businessmen. 

He said that the customs valuation system dated back to the Panchayat era and suggested that it needed to be changed.

Industrialist Kanhaiyalal Vaidya said that there was no lack of investment in Nepal and demanded that the government should create an environment in which industry and business could run smoothly.

How did you feel after reading this news?

More from Author

China’s Focus On New Energy Industry

Mediation Works When Conflict Situation Is Ripe

Pragmatic Budget

Need For Digital Detox

Wrestling in Kalapathar

Himalayan Literature Festival concludes