Nepal commercial sector offers cautious support to budget

Kathmandu, Sept 22 : The Federation of Nepali Chamber of Commerce and Industries (FNCCI) today expressed its support, although with some reservation to the budget announced by the new government.

In a statement issued here, FNCCI said though many suggestions put forward by the organisation have been incorporated in the budget, the Nepal Government are still intends to increase its presence in the business sector by resuming its hold on public companies which were in the process of privatisation.

FNCCI expressed dissatisfaction that the budget did not address its demand to stabilize taxes at least for next one decade, and the failure of the government to implement the multi-rate tax regime.

The FNCCI demanded its representation in the proposed Central Revenue Board and build infrastructure for Special Economic Zones (SEZs), which have remained on papers despite repeated commitments from the government.

Accusing the government of not acting appropriately on downsizing the imports by encouraging active involvement of the private sector the statement said that the budget has not addressed the grievances of the industrialists hit by the Koshi havoc.

FNCCI sought support from the government to uplift the industries who were triggered by the decade long insurgency due to which they failed to pay back government loans on time.

However, talking to reporters on the evening of the budget speech FNCCI chairman Kush Kumar Joshi had said the budget had address most of the demands put forward by the private sector.

The FNCCI is an umbrella organisation of the Nepalese private sector.

It was established in 1965 with the aim of promoting business and industry while protecting the rights and interests of business and industrial communities, FNCCI has been playing a key role in promoting business and industry in the country, Nepalnews reported.

ANI