Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Newly appointed Finance Minister Swarnim Wagle has initiated sweeping economic reforms, deciding to scrap 15 laws identified as barriers to Nepal’s economic growth.
The decision was taken immediately after assuming office at the Ministry of Finance, following his oath at Shital Niwas. Wagle said the move aligns with the reform commitments outlined by the Rastriya Swatantra Party during the election.
The laws set to be repealed include outdated and restrictive provisions such as the Income Ticket Fee Act (2019 BS), Black Marketing and Social Offenses Act (2032 BS), Private Forest Nationalization Act (2013 BS), Revenue Leakage Control Act (2052 BS), and the Foreign Investment Restriction Act (2021 BS), among others.
Wagle also announced plans to abolish the Revenue Investigation Department, arguing that it has hindered a private sector-friendly business environment.
The reform agenda focuses on eliminating bureaucratic hurdles, reducing production costs, and improving the investment climate to attract both domestic and foreign investors. The government aims to transition toward a paperless and cashless economy while prioritizing private sector security, job creation, and domestic production growth.
He further committed to implementing recommendations from key reform bodies, including the Public Expenditure Review Commission and the High-Level Economic Reform Commission, and confirmed that a white paper on the state of the economy will be released soon.
Wagle noted that the government will adopt a coordinated, system-wide approach to address economic challenges, including closely monitoring external risks such as ongoing tensions in West Asia.
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
