KATHMANDU: The Confederation of Nepalese Industries (CNI) has requested the government to develop a budget aimed at expanding industry and increasing investment for the upcoming fiscal year.
During a meeting with Finance Minister Dr. Swarnim Wagle, a team led by CNI chair Birendra Raj Pandey here today, emphasized the importance of prioritizing the private sector as a key driver of development. They proposed that the budget for the fiscal year 2083/84 BS should focus on income generation, wealth creation, economic expansion, and investment growth.
Key areas highlighted by the CNI for budget consideration include foreign direct investment, tax policy reform, customs, tourism, agriculture, energy, information technology, banking, insurance, and infrastructure development.
The CNI urged that industry should be the primary focus, advocating for stable policies over a minimum period of ten years. They recommended simplifying the tax system, providing clear guidelines on VAT and income tax, and reducing personal income tax rates to a threshold of one million rupees.
Additionally, the association suggested implementing a risk-based audit system, enhancing tax dispute resolution, digitizing tax administration, and improving coordination among agencies to combat revenue theft.
They also called for policies that would encourage private sector participation in large infrastructure projects and allow industries to manage land and financial obligations more flexibly.
In response, Finance Minister Wagle acknowledged the necessity of private sector investment for development and recognized the need for legal and tax system reforms. He reiterated the government’s stance that sustainable development cannot occur without robust private sector engagement.
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