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Trade deficit up: Revenue secy
BHARATPUR, JUN 21 -
Revenue Secretary Krishna Hari Banskota on Monday said Nepal’s trade deficit in the first 10 months of the current fiscal year has surged by Rs 53 billion.
Addressing an interaction on the upcoming budget organised by the Chitwan Chamber of Commerce and Industries, Banskota emphasised on import substitution for economic prosperity.
“Of the total foregin trade, export constitutes only 14 percent against the 86 percent of import,” said Banskota, presenting a sorry state of foreign trade. As of now, Nepal’s contribution in the global trade is only 0.12 percent in terms of export.
Banskota said the size of the upcoming budget would be around Rs 336 billion. He also hinted that the government would increase excise duty on cigarettes and alcohol products in the budget, but ruled out introduction of multiple Value Added Tax (VAT) as demanded by the private sector.
“There won’t be change in VAT,” said Banskota. “Excise duty on cigarettes and alcohol products might be increased.”According to Banskota, the budget will hike the registration and renewal charges of vehicles. “Tax on luxury items will be increased,” he said.
Mitraraj Dawadi, former president of CCCI, complained that revenue offices have been harassing businessmen citing procedural errors.
Stating that revenue collection has surged
due to import, Dawadi urged increasing inland tax collection.
Uttamlal Chuke,
president of CCCI, demanded deduction of local development tax in rice and lentils.
Posted on: 2010-06-22 08:57
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