July 22, Kathmandu- Confederation of Banks and Financial Institutions Nepal (CBFIN) has demanded that the corporate tax levied in the banking and financial sector should be increased to 25 percent like other industries and businesses.

A team led by Pawan Kumar Golyan, Chairman of the CBFIN Working Committee, met Finance Minister Janardan Sharma and suggested various 17-point cooperation between the Ministry of Finance and the private sector to revive the economy weakened by the effects of covid-19 and floods.

On the suggestion of CBFIN, it is mentioned that CBFIN  should be institutionally represented in the boards, committees, working groups to be formed in the Government of Nepal and the concerned regulatory bodies, and the current arrangement of converting the founding shares into common shares should be implemented effectively.

Similarly, special emphasis has been laid on the strategic plan of creating employment opportunities by preparing about 10,000 new entrepreneurs by conducting training on the selection of suitable enterprise, availability of financial investment, entrepreneurship development in the same province in collaboration with the Ministry of Finance from the funds under the corporate social responsibility of banks and financial institutions.

Bhoj Bahadur Shah, Senior Vice President and Spokesperson of Sivifin, said that since the banking and financial sector is operating in a transparent manner, discrimination in corporate tax should be eliminated, development banks and financial companies should also be given to trade foreign currency. He also drew the attention of the newly appointed minister to the issue of issuing broker licenses to financial institutions.

Senior Executive Member and Chairman of Nepal Investment Bank Prithvi Bahadur Pandey requested the Minister to take initiative for the implementation of the existing system of founding shares and ordinary shares in Nepal without any discrimination as per the prevailing rules and practices.