KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has given 10 recommendations to the government for investment promotion, production growth, employment generation and enhancing the competitiveness of the private sector.

The FNJ has submitted a memorandum to the Office of the Prime Minister and Council of Ministers demanding reforms in existing legal, procedural and administrative provisions, suggesting amendment, additions and updating various 28 Acts and Acts and Laws.

The federation has stressed on the need to make the tax system simple, predictable and investment-friendly by creating a safe, transparent and business environment. The federation has demanded that the private sector should be provided with a conducive environment by removing the legal and administrative complexities seen in the operation of industries and businesses.

According to the FNCCI, timely reforms in the existing policy and legal provisions are necessary to improve the investment climate in the country, increase production and productivity, create employment and enhance the competitive capacity of the private sector.

Among the recommendations presented by the FNCCI to the government, the FNCCI has given priority to the protection and promotion of investment, reform of tax system, ease of business operations, reduction of legal and administrative complexities, and competitive capacity enhancement of industries and businesses.

The federation has said that the uncomfortable provisions in the law should be amended to make the private sector a trustworthy environment for investment and business expansion. In addition, it has stressed the need to remove unnecessary administrative hassles in the operation of the business by making the service delivery by the government bodies simple, transparent and predictable.

Stating that there is a need to reform the tax system, the FNCCI has drawn the attention of the government to make the tax system simple, clear and investment-friendly. The FNCCI believes that it will be easier for the private sector to make a long-term investment plan if there is stability and predictability in the tax policy.

Through its 10 recommendations, the FNCCI urged the government to create the necessary environment for the expansion of economic activities through investment and business-friendly policymaking, reform of laws and simplification of administrative process.