Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The government has restored the VAT credit facility for petroleum products used by the industry.
Presenting the budget, Finance Minister Bishnu Poudel said that VAT credit facility of petroleum products used in the industry would be provided.
Former Finance Minister Dr. Yuvaraj Khatiwada had removed the VAT credit facility of petroleum products on the basis of the weaknesses of some industrialists. The industrialists were furious when this facility was removed citing that the provision of no credit for fuel used in industry was contrary to the principle of VAT.
Though Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and the Nepal Chamber of Commerce (NCC) had jointly raised the issue, Khatiwada had asked them not to debate on this issue anymore.
However, Finance Minister Poudel has revoved this provision introduced by Khatiwada and the private sector have welcomed this move of the government.
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