First Business News Portal in English from Nepal
KATHMANDU: The government has asked for suggestions from various stakeholders regarding the revenue policy to be included in the financial act for the fiscal year 2023/24.
The Ministry of Finance in a notification on Sunday asked all stakeholders to provide suggestions by April 3.
“The revenue policy to be adopted while formulating the economic law for the coming financial year 2023/24, as well as the improvement of the overall revenue administration, including customs duties, value added tax, income tax, excise duties, non-taxes, and revenue leakage control, by April 3, 2023. All stakeholders concerned including private sector and government agencies,” said the Revenue Advisory Committee in the notice.
The Revenue Advisory Committee has been working as a mechanism to give suggestions on the revenue management of the government.
The committee will take suggestions from concerned sectors and agencies about the reforms to be done in the revenue system and will submit a report to the government.
In the report of the committee, the government’s revenue policy, tax structure, international tax system, tax exemptions and double taxation will be discussed.
Similarly, through this committee, the government will also take suggestions about making new tax laws, recommending the repeal of any legal provisions, and changing tax rates.
The Ministry of Finance informed Republica that nine different thematic sub-committees have been formed to prepare the report of the Revenue Advisory Committee.
According to the ministry, the Inland Revenue Department, Ministry of Industries, Commerce and Supplies, Trade and Export Promotion Centre, Department of Revenue Leakage, Department of Money Laundering Investigation, Ministry of agriculture and livestock, Ministry of energy, and Ministry of Culture, Tourism and Civil Aviation have been formed.
Similarly, there are customs sub-committee, banks, financial institutions, insurance, cooperative and capital markets, non-tax, intergovernmental revenue management and revenue related laws, regulations, administrative (Revenue Management Division).
These sub-committees will conduct field studies and make recommendations to the Revenue Advisory Committee.
The government used the authority of the Development Board Act 2013 to create a structure of permanent nature for revenue consultation and issued the ‘Nepal Revenue Advisory Development Committee 2076 BS’ on Feburary 3, 2020.
According to the formation order, Nepal Revenue Advisory Committee was formed on August 17, 2020. However, after it was canceled by the cabinet meeting on July 25, the structure within the Ministry of Finance started working on it.
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