Kathmandu, July 2
The National Revenue Advisory Board (NRAB) and
private sector have suggested to create an inclusive revenue council in the
country for the effective assessment of the need, review of policy and
recommendations.
The NRAB has been consulting with the
private sector to create a council with the latter on-board. It has also
suggested the government for the same, Chairman of the NRAB, Mahesh Prasad
Dahal had informed at a programme, some time ago.
The private sector had initiated the demand
for the council since the government formed the NRAB as per its demand but did
not include it in the institution. "We have been raising the issue for the
last many years while the government has also realised the need for the
council," said Rajendra Malla, President of Nepal Chamber of Commerce
(NCC).
According to him, there should be an
effective public-private cooperation in revenue sector as the tax policy has
the power to promote or damage the business and entrepreneurship.
Inclusion of the business community in the
revenue council will help to create a favourable tax policy with the aim to
promote investment, entrepreneurship, employment and economic growth, Malla
said and added that favourable revenue policy will boost the competitive of
Nepali businesses.
However, he expressed frustration over the
delay in establishing the council. "There is a lot of talks but little
progress," he said.
But the NRAB has been planning to create
the council with the participation of the private sector representative
organisations like NCC, Federation of Nepalese Chambers of Commerce and
Industry, and Confederation of Nepalese Industries, concerned government bodies
– Inland Revenue Department, Department of Customs and Department of Revenue
Investigation – and a couple of revenue experts.
Likewise, it could have representation from
the Ministry of Finance and Federation of Nepalese Cottage and Small Industries
as well. It could be a 12-15-member committee. It will be a mechanism under the
NRAB.
According to the NRAB, the council will play
an instrumental role in formulating revenue action plans, reviewing the
existing tax policy and offering suggestions to the government. The private
sector has been demanding the revision of the Value Added Tax discount and
other tax concessions.
Published in The Rising Nepal daily on 3 July 2022.
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