KATHAMNDU, JAN 19 - Nepal Chamber of Commerce (NCC) has flayed the financial ordinance unveiled by the government on 15 January, saying that it has failed to incorporate the recommendations of the private sector on VAT, excise duty and income tax.
Issuing a statement here today, NCC has stated that since the ordinance has continued the previous economic policy of the government, it is unable to address the conflict-hit economic activities of the country.
NCC has also added that the levying tax on the foreign-going Nepalese employees will discourage the foreign employment.
"The other negative aspect of the ordinance is to fail curtail the authority of tax officials deputed them by the Income Act," states the NCC press release.
The release further states that the ordinance has not tried to simplify the existing complex customs valuation procedures.
"It has not included the recommendations submitted by Revenue Consultation Committee and Financial Improvement Task Force," adds the release.
NCC, however, lauded the provision of the ordinance to slash the customs duties on mobile sets, provide special discount on the tax imposed on the export of medicine, and to fix the customs duties on syringe at par the medicine.Posted on: 2004-01-20 03:41

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