First Business News Portal in English from Nepal
KATHMANDU: Three umbrella organizations representing the private sector have urged the government not to slap fines on the businesses that have failed to pay value-added taxes (VAT), excise duty and other taxes due to the prohibition order.
Issuing a joint statement on Wednesday, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI), and the Nepal Chamber of Commerce (NCC), stated that coordination and cooperation between the private sector and the government to cope the pandemic and rise through this crisis is inevitable.
“A large number of enterprises are not in a position to file the details on value added tax and excise duty and settle these tax on monthly basis,” reads the joint statement.
An estimated 70 percent of the businesses have remained closed following the spread of the second wave of the pandemic and over a month-long prohibitory orders.
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