First Business News Portal in English from Nepal
KATHMANDU: According to the government, a review of the tax structure will take place in the upcoming fiscal year.
This announcement was made by President Ram Chandra Paudel on Friday while outlining the policies and initiatives of the administration at the joint meeting of the Federal Parliament.
Additionally, he stated that the revenue administration would be strengthened and made more responsive. A review of the current tax structure was also promised by President Paudel.
According to President Paudel, he will take tough measures to stop capital flight, under-invoicing, revenue leaks, and investments in illegal businesses. He declared that the purview of revenue would be widened and that the formal system would be applied to all economic activities.
A similar decision has been made by the government to eliminate or combine development committees and funds that duplicate efforts, are irrelevant, or do not serve their intended purpose. According to President Paudel, the personnel and assets of the disbanded or combined institutions will be managed through the appropriate legal arrangements.
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