FM pledges timely, full budget

KATHMANDU, JULY 10:

The finance minister has assured that the budget for the next fiscal year will be announced on time and that it will be a full budget that will promote private sector investment.

“The current government has its own restrictions and limitations but we can assure that the budget will be on time and it will acknowledge the private sector’s growth,” said finance minister Shankar Koirala while releasing the Revenue Advisory Committee Report 2070, here, today. “We have now understood the pace of economic growth slows down in the absence of a budget,” he added.

He acknowledged that revenue administration needs to be improved — whether the state wants it or not — because revenue is the base for whole expenditure for the year. Moreover, Koirala also pointed out that revenue employees should also not harass tax payers.

Chief economic advisor of the finance ministry Dr Chiranjibi Nepal asked the private sector not to expect a lot from the coming budget but at the same time also to be optimistic that the budget will address some of their problems.

During the interaction, finance secretary Shanta Raj Subedi also emphasised on the need to introduce tax policies that will encourage voluntary tax payments. The committee’s report had pointed out tax reforms to promote export, import-substitution, agro production, hydropower generation and mergers of financial institutions.

Source: THT