KATHMANDU: Finance Minister Rameshwor Prasad Khanal has said capital market and realty market should be vibrant for making national economy dynamic.
During a discussion programme organized by Nepal Chamber of Commerce on ‘Contemporary Issues of Economy’ here Sunday, Finance Minister Khanal informed that internal discussion was on whether an ordinance was needed to cut through the barriers to realty market. He, however, said all demands of the private sector could not be solved by government. So, coordination and collaboration are imperative, he added.
“It is not possible to meet all demands posed by private sector at once, so they will be addressed gradually. Togetherness of private sector and government helps create industrial atmosphere and spur production,” he said, adding that government is working seriously to create jobs within country, expansion of production and investment environment.
According to him, September 8-9 Gen Z protest caused massive damage in 514 local levels of 55 districts, resulting in a loss of some Rs 36 billion in private sector alone as per preliminary estimate.
The loss inflicted to the private and public sectors combined was estimated Rs 78.51 billion by the protest. Against this loss, private sector has claimed the insurance of Rs 23 billion.
In order for the economic recovery, trust between government and private sector counts much, he said, acknowledging the private sectors’ role in creating jobs and spurring production. Government has a role in facilitation and regulation.
He further argued unless the atmosphere of trust is created in the country, economic activities are slow off the mark. Khanal shared that reforms in customs system had been initiated. Minister Khanal warned of stringent action to those involved in and encouraging black marketing, excessive price hike and monopoly.
On the occasion, Chairman of Nepal Chamber of Commerce, Kamalesh Kumar Agrawal, demanded that government ensured safety atmosphere to boost the morale of the industrialists and entrepreneurs and created investment-friendly atmosphere.
Online tax submission and customs clearance should be eased, he said, demanding the adjustment in customs rate.
Revision of Income Tax Act, clarity on jurisdiction of three tiers of government on house rent tax, formation of tax clearance/settlement commission, speedy process to set up an ‘asset management company’ and action to the traders making fake invoices were other demands made before the Finance Minister.
Former Chairman of the Chamber of Commerce, Rajesh Kaji Shrestha demanded the government that it scrapped the revenue investigation department and curbed cross border smuggling.
