First Business News Portal in English from Nepal
KATHMANDU: The government is tabling the budget for the fiscal year 2022-23 at the meeting of the joint session of House of Representatives. Finance Minister Janardan Sharma will present the details of income and expenditure of the government for next year at the meeting scheduled at 4 pm. The Constitution has a provision to introduce the budget of the new fiscal year on May 29.
As the country is in the election year and set to conduct federal and provincial election after few months, the budget us expected to be election-oriented and populist in nature.
Sources informed that the budget includes salary and allowance increase, tax exemption, relief and grant targeting senior citizens, employees, industrialists, farmers and youth.
Along with increment in salary of civil servants by at least RS 2,000/month, the government is also lowering the eligibility age for the elderly allowance from the current 70 years, as per sources.
Prime Minister Sher Bahadur Deuba had earlier said that the age of receiving old age allowance would be reduced from 70 to 65 years. However, the budget has been prepared to give old age allowance to those who have completed 68 years of age instead of 65, informed the source.
Earlier, the resource committee headed by the vice-chairman of the National Planning Commission (NPC) had set the budget celling for the coming fiscal year at Rs 1.745 trillion. However, it is said Finance Minister Sharma is preparing to introduce a budget bigger than the ceiling of NPC.
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