Kathmandu: A session of the House of Representatives (HoR) today endorsed a proposal tabled by Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel, seeking an endorsement of the Finance Bill, 2082 BS.
According to National News Agency Nepal, the meeting also dwelt on the amendments proposed for the Bill. In his response to the concerns raised during the discussion, Minister Paudel stated that the Bill aimed at maintaining stability in tax policy and creating an investment-friendly atmosphere.
Expansion of tax remit, control of revenue leakage, and channeling the informal economy into the taxation system are among the top priorities of the Bill, as outlined by him. The challenges potential investors face due to annual changes in tax rates were considered during the formulation of the Bill, he added, emphasizing the Bill’s focus on policy stability.
Paudel asserted that the proposed tax measures were intended to promote economic self-sufficiency and balanced development. Tax rates on beverages and tobacco products were slightly revised, considering their impact on public health. The Bill also includes the withdrawal of the provision for advance tax, according to him.