Finance Minister Wagle Says Government Working to Remove Nepal from FATF Grey List

Finance Minister Dr. Swarnim Wagle has said that the government is working to remove Nepal from the Financial Action Task Force (FATF) Grey List.

Speaking at a virtual interaction with tax officers of the Inland Revenue Department (IRD) from across the country at the IRD office in Lazimpat today, Minister Wagle expressed confidence that Nepal could soon exit the Grey List if the country’s tax administration is made more transparent, effective, and accountable.

He emphasized the need for the tax administration to closely monitor and scrutinize money-laundering offences. He also stressed that taxpayers should be brought into the tax system through voluntary compliance rather than through coercion or intimidation.

Minister Wagle urged officials to openly communicate any shortages of human resources, infrastructure, information technology, or other resources required to make tax administration more efficient.

He said that individuals working in tax administration and contributing to state revenue would be encouraged and recognized. He added that the budget for the next four years would lay the foundation for the type of economy the government intends to build.

The Finance Minister also directed departmental leadership to take all necessary initiatives to implement the tax exemption plan announced in the budget, make taxpayer incentive programmes effective, increase taxpayer awareness, and promote the digitalization of transactions.