KATHMANDU, May 10: The Confederation of Nepalese Industries (CNI) has urged the government to raise the individual income tax exemption threshold to at least Rs 1 million in the upcoming budget.
Submitting its recommendations to Finance Minister Swarnim Wagle on Sunday, CNI called for reduced tax rates and the introduction of a risk-based financial audit system. The private sector umbrella body also demanded an end to double taxation in several areas.
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CNI’s proposals include maintaining a two-tier difference in customs rates between raw materials and finished goods, granting import tax exemptions to industries using at least 40 percent domestic raw materials, and ensuring policy stability by refraining from altering industrial policies for at least 10 years. The confederation argued that such stability would encourage long-term investment planning and create a favorable environment for industrial growth.
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