Finance minister announces thorough review of tax rates for upcoming fiscal year

KATHMANDU: Finance Minister Barshaman Pun announced plans for a comprehensive review of tax rates in the upcoming fiscal year during a meeting with journalists at the Ministry of Finance.

Minister Pun emphasized the importance of transparency in any changes to tax rates, ensuring that reasons for adjustments would be clearly communicated to the public. He reassured that the government’s intentions behind altering tax rates would be beyond reproach.

Furthermore, Minister Pun stressed the significance of public participation in both budget formulation and tax system determination processes. He highlighted the need for an impartial evaluation of tax exemptions granted to various sectors, underlining the importance of ensuring fairness and equity in taxation policies.

Addressing concerns regarding the value-added tax system, Minister Pun advocated for a constructive debate on the feasibility of implementing a multi-rate structure. He emphasized the need for careful consideration and analysis before making any decisions regarding tax policies.

In addition to tax-related matters, Minister Pun discussed initiatives to stimulate the economy by injecting funds into the market. He acknowledged the recent sluggishness in market activity due to decreased demand and consumption, expressing the government’s commitment to revitalizing both the consumption and capital markets.

Minister Pun concluded by reaffirming his dedication to exploring strategies to foster a more dynamic economic environment, aiming to boost market activity and overall economic growth.