May 27, 2024, Monday
Nepal 1:37:26 pm

NCC draws PM’s attention to economic situation

The Nepal Weekly
May 7, 2024

A delegation of the Nepal Chamber of Commerce (NCC) on Sunday while meeting with Prime Minister Pushpa Kamal Dahal ‘Prachanda’ drew his attention to the country’s current economic situation.

The NCC delegation led by NCC president Kamlesh Kumar Agarwal, on the occasion provided suggestions to make the economy viable through effective coordination between fiscal and monetary policies. 

A statement released by the NCC read, “Due to the rigid policies taken in the past, the economy has now reached a state of stagnation. Economic activities have slowed down due to the lack of business facilitation, the contraction of the stock market and the slowdown in real estate business.”

The NCC said that due to the current slackness in the economy, the assets of the private sector were negative by up to 50 per cent. 

As most of the provisions of the Income Tax Act 2058 are unclear, the NCC has urged the Prime Minister to amend most of the provisions of the Income Tax Act- 2058.

The delegation asked the Prime Minister to take immediate steps to resolve the problems seen in the cooperative sector.

The NCC said, “The cooperative sector is problematic, and small and medium entrepreneurs have suffered. The problem of the cooperative sector should be resolved immediately.”

The NC said that there should be a provision to give a full tax exemption to entrepreneurs who have suffered the extreme economic recession in the past. 

Similarly, the Chamber has demanded the formation of a Tax Management Commission for the speedy resolution of disputed cases due to taxes.

During the meeting, Prime Minister Prachanda said that the government was trying to end the current pressure on the economy. 

Prime Minister Prachanda said that the government was creating a blueprint for policies and programmes to strengthen the foundation of economy. 

Prime Minister Prachanda said that the government was preparing to take concrete decisions to solve the problems seen in the cooperative sector.