Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU – Former President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has said that the budget for fiscal year 2083/84 is largely positive for the private sector and reflects many long-standing demands raised by businesses.
Reacting to the budget presented in Parliament by Finance Minister Dr. Swarnim Wagle, Dhakal said the government has incorporated key recommendations of the High-Level Economic Reform Commission and addressed several policy and legal reforms sought by the private sector.
He added that these reforms could help restore declining business confidence if implemented effectively and without delay.
Dhakal said many proposals from the private sector, including those submitted through the Federation and the High-Level Economic Reform Commission, have been reflected in the new budget.
According to him, the budget has placed strong emphasis on improving the business environment and simplifying regulatory structures, which he described as highly commendable.
“The reduction of customs tariff slabs from 11 to 4, and the abolition of around 340 types of excise duties, is a major achievement for the private sector,” Dhakal said in a statement to Fiscal Nepal.
He further noted that the reduction of customs duties on 273 types of industrial raw materials would lower production costs and enhance the competitiveness of domestic industries.
Dhakal also welcomed reforms in tax administration, including:
He said these measures would provide significant relief to businesses struggling with prolonged tax uncertainty.
Despite praising the policy direction, Dhakal stressed that the real impact of the budget will depend on swift and effective implementation.
He said that if reforms are executed on a fast-track basis, Nepal’s economy could regain momentum and investor confidence could improve significantly.
Dhakal also appreciated reforms in credit recovery laws and tax slab adjustments, stating that they send a positive signal to the business community.
He concluded that the budget reflects a clear shift in government mindset, treating the private sector as a genuine partner in economic development, and highlighted the incorporation of recommendations from the High-Level Economic Reform Commission as one of its strongest aspects.
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