Kathmandu: Finance Minister Rameshwor Prasad Khanal has emphasized the necessity for a vibrant capital and realty market to invigorate the national economy. During a discussion organized by the Nepal Chamber of Commerce on ‘Contemporary Issues of Economy,’ Minister Khanal highlighted that internal discussions are underway to determine the need for an ordinance to eliminate obstacles in the realty market. He noted that while the government cannot address all private sector demands immediately, coordination and collaboration are essential.
According to National News Agency Nepal, Minister Khanal mentioned that not all demands from the private sector can be met at once, and they will be addressed gradually. He stressed that collaboration between the private sector and the government is crucial for creating an industrial atmosphere and boosting production. The government is committed to creating jobs within the country and expanding the production and investment environment.
He reported that the Gen Z protest on September 8-9 resulted in significant damage across 514 local levels in 55 districts, with an estimated loss of Rs 36 billion in the private sector alone. The combined loss to both private and public sectors was estimated at Rs 78.51 billion. The private sector has claimed insurance worth Rs 23 billion against this loss.
For economic recovery, trust between the government and the private sector is vital. Minister Khanal acknowledged the private sector’s role in job creation and production stimulation, while the government’s role is to facilitate and regulate. He warned of stringent actions against those involved in black marketing, excessive price hikes, and monopolistic practices.
During the event, Kamalesh Kumar Agrawal, Chairman of the Nepal Chamber of Commerce, requested the government to ensure a safe environment to boost the morale of industrialists and entrepreneurs and to create an investment-friendly atmosphere. He also called for easing online tax submission and customs clearance processes and adjusting customs rates.
Further demands included revising the Income Tax Act, clarifying the jurisdiction of the three tiers of government on house rent tax, forming a tax clearance/settlement commission, expediting the establishment of an ‘asset management company,’ and taking action against traders issuing fake invoices. Former Chamber of Commerce Chairman Rajesh Kaji Shrestha urged the government to abolish the revenue investigation department and curb cross-border smuggling.