January 27: Finance Minister Yuba Raj Khatiwada has pacified the fears of the private sector saying that the government will not adopt strict measures to meet its target of revenue collection.
Speaking at the 68th Customs Day, Minister Khatiwada said that the country’s economy cannot rely on revenue from customs for the long run.
“Customs-centric economy will not sustain in the long run,” said Khatiwada, adding that the government wants to shift its focus away from customs duty to run the economy.
He argued that the customs duty has shrunk to some extent due to measures taken by the government promote export. The minister added that the business community might be worried that the government’s failure to collect adequate revenue from customs duty would force it to seek other measures but that is not the case.
He said that the government is focused on creating investment-friendly environment, industrial development and export-oriented market.
Minister Khatiwada said that the government’s failure to collect revenue as per its target has neither deterred him nor has he taken any steps to extort money from businessmen.
“Let’s do business by keeping environmental aspects into consideration. Let’s not create problems for the next generation. The government is with you,” he told the business community.
He also assured that the government will not impose additional taxes to the private sector.