No need to fear new tax system, says minister

Pokhara, Sept 22 : Minister of Finance Yubaraj Khatiwada has said businesses need not fear a new tax system.

Speaking at the 65th annual anniversary of Pokhara chapter of Federation of Nepalese Chamber of Commerce and Industries in the Lake City, Minister Khatiwada said the government would not be able to move ahead without the support of private sector and requested stakeholders not to make a fuss over the new tax system.

“Property tax was collected in the past and the same has continued at present. You don’t need to be scared of property tax. The rumour that property tax has increased sharply is false,” the minister said.

Noting that financial index of the country was good, Khatiwada said there was no need for the business community to fear any kind of financial crisis in the country. Responding to the complaints of traders and businessmen that bank interest rates were high and unstable, he said, “Unstable interest rates will affect debtors taking long-term loans.”

Khatiwada stressed both the government and private sector had to maintain transparency. “We are ready to rectify errors in the tax system, but it is not good to be terrorised by the new tax system,” he said.

He said the government was working to create an investment-friendly environment for nation building.