“The budget has seriously failed to announce programs to boost the manufacturing sector,” CNI has said in a press release. It has also expressed anxiety over the lack of concrete programs to improve law and order situation and step up industrial security. CNI has stated this will not help the country attract investment from both domestic and foreign investors.
CNI has further said that increase in customs duty on import of industrial machineries to 4 percent from the previous 2.5 percent will be setback industrial development. “The government should have slashed the duty instead of raising it,” reads the statement, expressing dissatisfaction at the government´s lack of commitment for the enactment of Special Economic Zone (SEZ) Act and operation of the SEZ.
CNI, however, has welcomed the government move to pledge tax discount for large-scale industries, not to seek out source of income for special sectors, annul scrap tax and local development tax, slash agricultural reform fee and capital gain tax and bring an end to transporters´ syndicate.
“Programs to conduct feasibility study of high seas sales, open up overseas investment for Nepalis and mandatory third party insurance for vehicles are also good steps,” says the release.
Among others, CNI has also praised the government for giving special emphasis to roads construction for enhancing connectivity.
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