Task force on local taxes suggested

Kathmandu, Nov. 25 (RSS): People from the local bodies and the business sector have suggested the formation of a joint task force comprising of the representatives from these sectors for resolution of problems arising out of the various taxes and levies being raised by the local bodies.

The suggestion was made at a joint meeting of representatives of various district chambers of commerce and industries, the district development committees (DDCs), the Municipality Association of Nepal and the VDC Federation, Nepal organised by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) here on recently.

The joint meeting was organised with the objective of deliberating on the problems created due to the levying of various taxes and tariffs by the local bodies and to seek out the solution.

The participants of the meeting stressed the formation of separate committees at the central and local levels for resolving problems resulting from the present tax regime, provision to spend the bulk of money raised from local tax in the development of the locality at the source of the tax and to stop the practice of collecting local tax through the bidding system.

Welcoming the participants at the meeting, the first vice-president of FNCCI Rabi Bhakta Shrestha said it is not the intention of the industrialists and businessmen to evade taxes levied by the local bodies.

Since it is a problem common to both the business sector and the local bodies, it should be resolved through the joint efforts of both sides, he added.

The third vice-president of FNCCI and convenor of the FNCCI task force on local tax, Binod Bahadur Shrestha noted that both sides should think over for the long-term solution of the local level problems.

He said the committee to be constituted for resolution of the problem should deliberate both on the course of action and the ways of resolving the problem arising out of a multitude of taxes being raised by local bodies in the context of many options open for taxation.

Former president of the Federation of DDCs, Nepal Madhav Poudel said it is the duty of the local bodies as well as industrialists and businessmen to work for national development.

Such interaction programmes should be held from time to time not only for resolution of local level problems but also for the local development, he further said.

Deputy Mayor of Kathmandu Metropolitan City Bidur Mainali said the local bodies were ready to help solve the problems encountered by the industrialists and businessmen and that such problems could be solved easily through open discussions and two-way interaction.

Member of the VDCs Federation, Nepal Nawaraj Gelal viewed that the joint task force to be constituted with representatives from both sides would play the role of an effective pressure group for bringing the government to task regarding the local problems.

Representatives of the District Chambers of Commerce and Industries and various commodity organisations as well as officials of the Local Development Ministry were present at the meeting.

Joint efforts needed to check cargo pilferage

BY A STAFF REPORTER

Kathmandu, Nov. 25: Member of the National Planning Commission Dr. Shankar Sharma said that the government, traders and entrepreneurs have to devise a strategy to tackle the growing problem of pilferage and theft of cargo being exported and imported through air and land.

Dr. Sharma further said transportation and trade facilitation could play a significant role in enhancing competitiveness among freight forwarders.

Inaugurating a one-day seminar regarding the pilferage and theft of cargo organised by Nepal Freight Forwarders Association (NEFFA) in Kathmandu on Friday, Dr. Sharma stressed on the need to make improvements in the procedure of cargo handling and technological interventions.

"The Transit and Godown Management Company has also to be revamped for the smooth transport of cargo," he said.

He also said that the government has to hold talks with the Indian government to improve the freight facilities at Calcutta Port, which has been inefficient in handling cargo. He urged the people and entrepreneurs involved in the cargo handling business to identify all the problems of freight forwarding and submit recommendations to the government so as to solve them.

President of FEFFA Rabindra M. Singh said that the present trend of pilferage and theft of cargo has become a serious concern among the freight forwarders. "If the pilferage is not controlled, it will have a negative impact on the country’s overall export and import business," Singh warned.

He informed that the goods such as carpet, garment, handicraft and pashmina have been stolen not only on the way to the airport from factories, godowns and customs areas but also from trucks and containers.

He appealed to all the concerned agencies and individuals to take a keen interest in the growing problem of pilferage and theft of cargo and initiate immediate steps to check it.

General Secretary of FEFFA Namgyal Lama said it has become a great challenge for the freight forwarders to deliver cargo in good condition to the consignees due to pilferage and theft.

Lama complained that the government has yet to implement its policy of trade facilitation. He emphasised the need to improve the security arrangement and the condition of storage in godowns at the Tribhuvan International Airport (TIA) immediately to control pilferage and other losses.

Former President of Nepal Chamber of Commerce Mahesh Kumar Agrawal said there has to be a co-ordinated effort to deal with the pilferage and theft of cargo.

Agrawal said the government must take initiative to hold talks with India to do away with the pilferage of cargo. "We will lose our credibility among the foreign parties if we do not take immediate measures to check it," he said.

First Vice President of the Federation of Nepalese Chambers of Commerce & Industry (FNCCI) Ravi Bhakta Shrestha said though the containers and packages are found to be sealed, the goods are taken away mysteriously.

Shrestha said FNCCI was ready to work in co-ordination with different agencies for the smooth transportation of cargo.

In the second session of the programme, people involved in the carpet, garment, handicraft, freight forwarding, among others, discussed the problem of pilferage and theft of cargo. The session was chaired by Joint Secretary at the Ministry of Commerce Chandi Raj Shrestha.

NEPSE index stagnant, yet market firm

BY A STAFF REPORTER

Kathmandu, Nov. 25: The steadily rising trend in the previous weeks observed in Nepal’s stock market has dramatically went without a major change in the NEPSE index this week (November 20-24). Analysts say there is still the clear indication that the market is maintaining its bullish trend in terms of the number of shares and value traded. They say that the lack of better investment opportunities and the nose-diving bank deposit interest rates are still luring investors towards the capital market investments.

The NEPSE index, according to Nepal Stock Exchange Ltd., remained almost stagnant as the week’s trading closed at 543.85, whereas it had posted a whopping rise of 32.77 points in the week preceding it, i.e., November 13-17.

During the reported week (Nov. 20-24), the NEPSE that figured 543.44 on the first day of the week saw only a wee bit change by rising to 543.85 on the concluding day of the week. The net increase in the NEPSE index was 0.41 points only. The indices were 544.14, 544.94, and 545.82 on the second, third and fourth days of the week, respectively. The NEPSE trading floor remained opened for all the five days of the week.

During the week ending November 24, 2000, altogether 147,594 units of shares were traded through 1,598 transactions for a total of Rs.139,187,067.00, according to the report received from Nepal Stock Exchange Ltd. This also includes 390 units of preference shares worth Rs. 35,200.00 of Taragaon Regency Hotels Ltd. In the week preceding it, 92,109 units of shares worth Rs.123,264,226.00 were traded on the NEPSE’s trading floor.

Among the traded companies registered, Bank of Kathmandu (BoK) Ltd., which was the leader in terms of the number of share units (14,680 units), took its lead this week as the company with the highest share value of trade. The total value of shares traded of BoK amounted to Rs 30,057,270. Nepal Bangladesh Bank Ltd.(NBBL) this week also continued its lead in terms of the highest number of transactions (289 transactions). The shares of Nepal Bank Ltd. were the highest one in terms of the number of share units (36,093) traded this week.

So far as the group-wise trading of shares was concerned, the commercial banks group continued to register the biggest share of transaction. A total of 87,742 units of shares belonging to the commercial banking sector was traded for Rs. 124,259,554.00, a whopping 89.30 per cent in the total value of shares transacted. Last week also, there was no transaction of the trading sector.

There were both increase and decrease in the NEPSE indices of various sectors. The index of the commercial bank sector dramatically slipped from 676.69 to 671.63, whereas other sectors generally saw increases. The NEPSE index of the manufacturing sector rose from 383.09 to 383.15, that of hotels/tourism group from 373.67 to 402.46, insurance and finance sector from 343.82 to 352.28, and others sector from 338.38 to 344.08. The index of the trading sector remained stagnant at 127.09 points as there was no transaction of this sector this week.

According to Nepal Stock Exchange Ltd., securities of 48 listed companies were registered for transaction on the floor of Nepal Stock Exchange Ltd. last week, but those of only 38 listed companies were traded.

Entrepreneurship in tourism emphasised

Kathmandu, Nov. 25 (RSS): An international level seminar on promoting tourism business began here recently with an objective of helping in the formulation of future strategy through exchange of views between the participants on environmental impact in the Himalayan region.

Altogether 125 concerned experts have been participating in the three day seminar organised jointly by Tribhuwan University and Hokkaido University of Japan.

At the seminar, Japanese Ambassador Mitsuaki Kojima stressed tourism entrepreneurship to strengthen the economic status of the people as nepal is rich in bio-diversity and tourism spots.

RONAST vice-chancellor professor Dr. Dayananda Bajracharya pointed out the need to improve the economic condition of the people of the area who have few income sources for the development of the country as 53 per cent of the people live in the Himalayan and hilly region which constitute 83 per cent of the total area of Nepal.

Vice chancellor Bajracharya said RONAST is working with the Italians on the 5050 meter high lobuche in Solukhumbu to carry out environmental study of the Himalayan region.

Vice chancellor of Tribhuvan University Navin Prakash Jung Shaha said as Nepal is rich in bio-diversity, there is a need to identify and mobilise the natural blessings such as medicinal plants, empty land, hydro-electric potential and touristic spots in the high hilly and Himalayan region.

Also speaking on the occasion were dean of the faculty of science and technology of Tribhuwan University Prof. Dr. Krishna Manandhar, Hokkaido University Dean Prof. Dr. Noriyo Nishi and Prof. Dr. Yugo Oni.

Meanwhile in Birgunj, Flight Care Aviation Pvt Ltd has started Kathmandu-Simara flights recently.

Four other airlines have also been operating flight services between Kathmandu and Simara.

Flight care aviation has been operating regular services to Lukla, Bharatpur, Jomsom, Rumjatar and Pokhara, it is said.