Kathmandu: Finance Minister Rameshore Prasad Khanal stated that the government was fully committed to ensuring safety and support to the private sector. Speaking at a programme organised by the Inland Revenue Department to mark the National Tax Day 2082 today, the Minister said the government is serious about maintaining high levels of confidence among private-sector actors.
According to National News Agency Nepal, Khanal, who assumed office following the Gen Z movement, expressed that the protest was not merely against the government or political parties but was an eruption of frustration against deep-rooted anomalies in society. The lack of inclusion in development efforts and the growing unemployment had created immense pressure among young people, which ultimately surfaced through the movement. He stressed that ensuring the security of the private sector is fundamentally the government’s responsibility.
Khanal emphasized that the government will guarantee security for the private sector, focusing on establishing good governance, curbing corruption, and creating an environment where citizens can live with dignity. Preliminary assessments indicated that the recent protests caused physical infrastructure damage worth approximately Rs 78 billion, with around 2,900 buildings across 55 districts damaged. He added that the government had allocated Rs 120 billion from the current fiscal year’s budget for reconstruction efforts.
The Minister further assured that honest businesspeople will no longer be subjected to unnecessary burdens such as full audits, and highlighted the need for comprehensive reforms in the tax system. A thriving business climate, Khanal said, is essential if the nation expects to see growth in revenue collection.
Finance Secretary Ghanashyam Upadhyay stressed the importance of boosting employment-oriented investment. He highlighted the necessity of adopting a faceless audit system and further strengthening revenue administration. ‘The Ministry remains fully committed to listening to the concerns and issues raised by taxpayers,’ he added.
Revenue Secretary Bhupal Baral noted that achieving revenue targets requires controlling leakage, enhancing administrative capacity, coordinating effectively with taxpayers, and utilizing information technology and artificial intelligence. He expressed concern that frequent transfers of officials hindered performance-based work.
Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), also addressed the event, acknowledging the Gen Z movement’s raising of important issues such as good governance, transparency, and corruption control. However, he condemned the attacks on private and commercial properties of entrepreneurs and businesspeople as unexpected and unacceptable. Despite ample liquidity in the market, delays in completing large-scale projects and the suspension of IPOs for many companies have discouraged the private sector.
According to the Inland Revenue Department, this year’s Tax Day is themed ‘The essence of the tax system, the foundation of investment’.