Finance Minister Dr. Swarnim Wagle has stated that the new budget aims to develop the country through its own revenue by reducing dependence on external loans.
Finance Minister Dr. Swarnim Wagle said that the new budget has been brought with target to build the country from its own income. He said this will end the dependency on foreign loans for the development of Nepal.
On Thursday, he was speaking at the inauguration of the annual review program of Tanahun District Coordination Committee in Tanahun, which is his own constituency. He shared that government has taken a policy to increase state revenue to move development works forward.
Expanding Tax Base and Reducing Loans
The Minister explained that in the past, low government revenue forced the state to take loans even for meeting regular and essential expenses. Now, government is trying to increase national income by expanding the tax net so everyone can contribute a little bit.
“We have been seeing this from long time. We are taking loans just to pay back loans and their interest. The regular and essential liability of state is 1,350 arba, but the revenue of government is only around 1,250 arba,” Dr. Wagle said. He added that this is why they have widened tax rates and brought programs to encourage people to pay tax.
He also said there is a big gap between people’s expectations for development and the economic capacity of the country. At same time, loans from donor agencies are also getting expensive, so Nepal must become financially capable on its own.
The Finance Minister expressed that everyone needs to rise above the mindset of wanting development without paying taxes or taking loans.
Addressing Tax Concerns and Private Sector
Addressing the complaints about new taxes being added due to widening of the tax net, he assured the public to be confident that government will protect general people from final tax burden.
Through the budget of Rs. 2124 arba, the government wants to excite the private sector and make the economy of Rs. 66 kharba more active.
He also informed that government is preparing to make an easy environment for migrant Nepalis to invest their money in Nepal very soon.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
