Nepal Chamber of Commerce Holds Interaction on Revenue Policy and Tax System

The Nepal Chamber of Commerce organized an interaction on revenue policy and the tax system, bringing together stakeholders, including representatives from the Internal Revenue Department and the private sector, to address challenges in the current tax framework.

Chamber President Kamlesh Kumar Agrawal highlighted the need for a simplified and investment-friendly tax system, emphasizing that economic growth and revenue collection depend on creating a stable policy environment.

He advocated for reforms to the Income Tax Act of 2058 and the removal of the customs reference value. Agrawal also called for strict action against fake VAT bills while protecting genuine businesses.

Director General of the Internal Revenue Department, Ram Prasad Acharya, noted the government’s efforts to align the tax system with investment objectives and improve economic conditions.

He stressed the importance of collaboration between the government and the private sector to achieve sustainable economic development and address issues such as fake VAT billing.

Participants highlighted concerns about the disproportionate impact of the tax system on small traders, calling for equitable reforms to support businesses and stimulate growth.