Budget has addressed demands of private sector: NNEF

KATHMANDU, June 1: The Nepal National Entrepreneurs Federation (NNEF) has said the budget for fiscal year 2021/22 has addressed the demands of the private sector. 

Federation president Naresh Katuwal, through a press release on Monday, said the statement of estimated income and expenditure for fiscal year 2021/22 has tried to incorporate the demands of the private sector to large extent. Finance Minister Bishnu Poudel presented the budget on May 29.

"Although the budget is overall good, its implementation aspect is very challenging. The government should give special attention for the implementation of the budget," Katuwal said. 

The Federation stated that provisions as the waiver of renewal or permit tariff payable in the next fiscal year of entrepreneurs affected by the COVID-19 pandemic, providing to the hotel and tourism sector facilities at a par with the production industry, removal of the VAT in travel and trekking package are the positive aspects of the budget.

Similarly, it is a positive aspect of the budget to exempt the renewal fees and to provide concession on the income tax of COVID-19 hardest-hit 2.9 million small, cottage and micro enterprises.

The NNEF has demanded that the monetary policy for the next fiscal year to be introduced by the Nepal Rastra Bank should also facilitate more the provisions contained in the budget so as to address the all types of enterprises and industries affected by the COVID-19 pandemic.