Business community raise concerns on double taxation and SME loan- Zhemgang

Businessmen in Zhemgang shared their concerns on double taxation and BCCI’s Microfinance loan for Small and Medium Enterprises during a meeting with the BCCI president yesterday. The president along with officials from the Handicraft Association and representatives from Voice for Green Change Partnership project (V4GCP), are currently meeting the local government leaders and business communities of ten eastern and central districts.

In Zhemgang, the business community said there is a need to increase the BCCI-Micro Small and Medium Enterprise loan amount. People also shared their reservations on the double taxation being levied to karaoke owners.

“The group loan’s ceiling of Nu 300,000 is not enough with the increase in the price of commodities these days. So, it would be great if it can be increased to Nu 500,000 to Nu 1 M,” said Tshering Tenzin, a hotelier.

“If you have karaoke bar and restaurant licences, you have to pay tax twice. So, I would like to know if it can be as one,” said Tenzin Kinjum, Karaoke bar owner.

The BCCI president said he will look into the matter.

“The government has secured Nu 15bn for the economic stimulus plan and we will get funds from there. We need to have good project proposals. The interest rate is low at around 4 per cent. The money is expected to be released by the end of this month. Then, you all can propose your business plans. If I become one of the committee members, I will support it,” said Tandy Wangchuk, BCCI President.

About 50 people from the business community participated in the meeting.

The meetings are intended to discuss private sector development and how businesses can contribute to a sustainable economy.

Pema Samdrup, Zhemgang

Edited by Tshering Zam

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