Kathmandu: Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel, has announced that the government will roll out a special action plan, including a campaign to recover unpaid taxes, during the current fiscal year. These efforts are deemed crucial to achieving the revenue collection targets set by the government.
According to National News Agency Nepal, the Finance Minister addressed concerns raised by lawmakers during a meeting of the House of Representatives (HoR). He elaborated that the government has introduced comprehensive policies and programs aimed at accelerating revenue mobilization and preventing money laundering.
Responding to a query from lawmaker Surya Prasad Gautam, Minister Paudel highlighted that last year’s total revenue collection reached Rs 1,196 billion, marking an 11.33 percent increase from the previous year. “The government has set an even higher target for the current fiscal year,” he noted.
To meet these targets, the government has implemented an internal revenue mobilization strategy. The Ministry is conducting regular reviews of revenue collections and is poised to launch an action plan for recovering tax arrears, according to the Minister.
The Minister further explained that a corrective tax approach has been introduced in the current fiscal year’s budget. This includes adjustments to tax rates, expansion of the tax base, promotion of tax compliance, and effective operation of the digital tax system.
During the session, lawmaker Prem Suwal questioned the government’s efforts regarding Nepal’s status on the Financial Action Task Force (FATF) grey list. In response, the Finance Minister outlined significant measures, including amendments to 19 laws, aimed at ensuring Nepal’s removal from the list.
The government has issued and implemented new rules and directives. Key among these are the enforcement of the Money Laundering Prevention Regulation, 2081 (2024), and the Rapid Economic Implementation Action Plan, 2082 (2025), which are part of the government’s strategy to address FATF concerns.
Additionally, directives have been provided to dealers of precious metals and stones, casino operators, and real estate businesses to enhance transparency and accountability within the financial system.
Minister Paudel emphasized that four coordination mechanisms have been established to regulate, investigate, counter terrorism, and facilitate implementation, underscoring the government’s commitment to meeting FATF standards.
“We are not only committed to exiting the FATF grey list but also to ensuring that Nepal does not fall into such a situation again in the future,” the Minister reassured.