First Business News Portal in English from Nepal
KATHMANDU: The private sector’s umbrella organisations have drawn serious attention to the fact that the provision made in the budget on the rates of revenue, including customs and excise duty, will affect the domestic industries and businesses.
Issuing separate press statements on Friday, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) urged the government to address the impact on MS (Mild Steel) wire, ghee and oil and sanitary pad industries immediately citing that the new arrangement by the government will lead to closure of domestic industries.
In the budget of the government for the fiscal year 2022/23, the rates of revenue, including customs and excise duty, have been changed.
The FNCCI and the CNI have mentioned that they have paid serious attention to the fact that the domestic industries and businesses have been affected by such new provisions. The FNCCI has said that it has not consulted with the stakeholders while making the new arrangement.
The FNCCI demanded with the government immediately address the problems faced by the industry through the provisions included in the budget and the Finance Act unilaterally without consulting and against the suggestions of the entrepreneurs.
Enterprises, including steel rolling mills and MS wire industries, vegetable oil industry, sanitary pad manufacturing industries have come to a standstill due to the provisions made in the business budget, said the CNI.
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