Kathmandu. NADA Automobiles Association of Nepal (NADA) has welcomed the decision of the Government of Nepal on Thursday to revive the industries, trade and businesses affected by the devastating floods in the Bhotekoshi River.
The government has decided to provide customs and tax exemption, loan restructuring and rescheduling, concession in interest rates, provision of additional loans and ease of payment of insurance claims targeting the flood-affected private sector. NADA believes that this step taken by the government to provide immediate relief to the businesses affected by the disaster and create an environment for resumption is very positive and welcome.
NADA believes that the decision to waive customs duty while re-importing commercial vehicles and transport vehicles that have been completely damaged or lost due to floods will be a big relief to the automobile and transportation entrepreneurs. Similarly, the concession given in the re-import of damaged machinery and equipment is also important for the restoration.
The decision to provide loan restructuring, rescheduling and interest subvention to the flood-affected borrowers will reduce the immediate financial pressure on the businessmen. Also, the provision of loans for the repurchase of damaged vehicles and equipment is important for the continuity of business, NADA concluded.
NADA President Surendra Kumar Upreti said, “It is a very positive step for the government to address taxes, customs, loans, interest and insurance in an integrated manner to revive the private sector after the disaster. This will provide an important basis for the affected businessmen to get back to business.” ”
NADA has urged the concerned authorities for the speedy, simple and effective implementation of the government’s decision. NADA has also urged the government to study the actual damage and bring a second phase recovery package as per the need.
