FICCI demands changes in some budget proposals
UNB
The Foreign Investors Chamber of Commerce and Industry (FICCI) on yesterday expressed its concern over a number of proposals made in the new budget and demanded addressing their concerns with necessary amendments, reports UNB. The Chamber feels that the proposed budget with necessary amendments will accelerate investment, improve the business environment and socio-economic condition of the country, it said in a reaction to the 2017-18 national budget proposals.
The Chamber expressed its concern over the continuation of Supplementary Duty (SD) on locally-manufactured products and discriminatory provision for locally-registered foreign companies manufactured product prices and SDs in context with local companies in the new VAT Act.
Restriction on the closing balance of the current account in case of litigation, enhancement of the rate of Excise Duty on bank account balances, fixation of withholding VAT at the rate 1/3 of 15 per cent from non-deducting authority, continuation of VAT on spectrum fees, which is not in practice anywhere in the world, and continuation of SIM tax are also mentioned as their areas of concerns.
