CNI President urges Finance Minister to implement Economic Reforms Recommendation Commission report
लगानी न्यूज
. KATHMANDU: President of the Confederation of Nepalese Industries (CNI), Birendra Raj Pandey, has said that the tax system needs immediate reform. Addressing a programme titled ‘Reforms in Revenue System: Public Private Dialogue’ organized by CNI here today, he insisted on the need of immediate reform in tax system.
Stating that the country’TAG_OPEN_div_14 s economy has reached a challenging juncture, he stressed on the need of stability of tax policy. According to him, there is a lot of investable money in the banking system. However, due to the decrease in demand in the market, the industries are operating at low capacity. He said that the interest rate is in single digits, the money is lying idle in the banks due to weak demand even when inflation is at a low point.
} Money lying idle in banks is not a good sign for the economy, he said. According to him, such a situation has also adversely affected the revenue collection of the government. Stating that economic indicators could not be improved without increasing investment, he said the tax system would influence the decision of investors. He said that not only domestic but foreign investors will also invest by looking at the tax policy. He stressed on policy stability as investment would not increase if the policy is not stable.
He said, “The country’s economy is in a challenging situation.TAG_OPEN_div_10 There is money to invest in the banks. The interest is in single points. Demand has not increased in the overall market. Industries are operating at low capacity even as demand has not increased. Inflation is at a low point. Idle money is not a good sign for the economy. It has also had an impact on the government’s revenue collection. Unless investment can be increased, it will be difficult to improve the mentioned issues.
} He said that the tax system needs to be improved to attract investment. He also said that the report of the High Level Economic Reform Suggestions Commission formed by the government has also given importance to tax reform. According to him, although many commissions were formed in the past for economic reforms, the government has given a lot of importance to the implementation of the recommendations of the high-level commissions. He said that the suggestions given by the Economic Reform Implementation Action Plan 2082 formed to implement the recommendations of the commission have also emphasized on the reform of the tax system.
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