KATHMANDU, AUG 15, 2012
Retailers have demanded hike in threshold of value added tax (VAT) to Rs 10 million from the existing Rs 2 million.
Arguing that annual transaction of even the small traders now crosses Rs 2 million, the retailers asked the government to review the VAT threshold that came into being some 15 years ago. The businesses below the Rs 2 million threshold should not come under VAT net.
During the 33th annual general meeting of Nepal Retailors’ Association on Tuesday, they also asked the government to address the problem related to discrepancies in value of goods, leaving the retailers with extra tax burden. “The issue of mismatch has been a major problem for us,” said President Pabitra Man Bajracharya. “We have already asked the Inland Revenue Department to address this problem.”
The retailers also complained about them being targeted by the government monitoring agencies for alleged adulteration and other misconducts.
He, however, said that the retailers would cooperate the government agencies in market inspection and monitoring.
Speaking on the occasion, Finance Minister Barsaman Pun praised retailers for creating self-employment opportunities in the countries. He said that despite introduction of partial budget this year, the government was ready to address the grievance of the private sector.
FNCCI Industry Committee Chairman Dinesh Joshi announced that the federation would be setting a separate cell to gather complaints and suggestions from traders and entrepreneurs.
President of Nepal Chamber of Commerce Suresh Kumar Basnet asked the government to create a business-friendly environment.
Source: The Kathmandu Post
Retailers have demanded hike in threshold of value added tax (VAT) to Rs 10 million from the existing Rs 2 million.
Arguing that annual transaction of even the small traders now crosses Rs 2 million, the retailers asked the government to review the VAT threshold that came into being some 15 years ago. The businesses below the Rs 2 million threshold should not come under VAT net.
During the 33th annual general meeting of Nepal Retailors’ Association on Tuesday, they also asked the government to address the problem related to discrepancies in value of goods, leaving the retailers with extra tax burden. “The issue of mismatch has been a major problem for us,” said President Pabitra Man Bajracharya. “We have already asked the Inland Revenue Department to address this problem.”
The retailers also complained about them being targeted by the government monitoring agencies for alleged adulteration and other misconducts.
He, however, said that the retailers would cooperate the government agencies in market inspection and monitoring.
Speaking on the occasion, Finance Minister Barsaman Pun praised retailers for creating self-employment opportunities in the countries. He said that despite introduction of partial budget this year, the government was ready to address the grievance of the private sector.
FNCCI Industry Committee Chairman Dinesh Joshi announced that the federation would be setting a separate cell to gather complaints and suggestions from traders and entrepreneurs.
President of Nepal Chamber of Commerce Suresh Kumar Basnet asked the government to create a business-friendly environment.
Source: The Kathmandu Post
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