26th May 2024, Kathmandu
NAS-IT’s Recommendations for the Upcoming Budget to Develop Nepal as a Global Tech Hub. Nepal Association for Software and IT Services Companies (#NAS-IT) has provided various suggestions for the budget for the fiscal year 2024-25.
On Sunday, NAS-IT held a press conference, providing various suggestions to develop Nepal as a global tech hub.
NAS-IT’s 2024-25 Budget Recommendations
NAS-IT has requested that the upcoming budget should propose a tax incentive policy for 10 years to compete globally, including zero percent corporate tax and 8 percent export credit facilities.
Through the budget, NAS-IT has requested to provide loans to enhance financial access for IT startups and entrepreneurs, introduce insurance policies for IT companies with 90 percent of the premium costs subsidized for 5 years, operate IT parks and IT hubs, prioritize local companies when purchasing software, participate in international IT exhibitions, establish branch offices abroad, and arrange for the formation of an IT board.
Additionally, to promote Nepali IT companies, products, and industries, NAS-IT suggests collaborating with embassies, treating large software projects as infrastructure projects,
promoting the PPP model, and improving the procurement process.
NAS-IT believes that if the government can make these arrangements, the Nepali IT industry can be developed into a 700 billion NPR export industry in the next 10 years and Nepal can be developed as a global tech hub.
It has been stated that the IT board to be established for the development and promotion of technology should be an autonomous body and a separate law should be put into practice for it.
According to NAS-IT, the government can rent buildings ranging from 15,000 to 30,000 square feet in different parts of the city and provide facilities available in IT parks, transforming them into small IT parks.
NAS-IT is a non-profit umbrella organization of IT companies established with the vision of developing Nepal as a global tech hub.
Since its establishment, the organization has been working on innovation, empowerment, collaboration, capacity building, and policy advocacy to advance Nepal’s IT sector.
For more Information: NAS-IT’s 2024-25 Budget Recommendations