•      Sun Jul 21 2024

Domestic entrepreneurship and production to be promoted: Finance Minister

Barshaman Pun

Kathmandu, June 25: Finance Minister Barsha Man Pun has said that domestic entrepreneurship and production will be protected and promoted while implementing an economic reform plan of a new phase.

In his address to concerns raised during the deliberations on the Finance Bill, 2081 BS today, the Minister said the Bill aims to speed up economic activities, promote investment, escalate the taxation scope, and implement a durable and systematic tax system.

Stating that the Customs Tariff Bill-2081 BS was brought separately as per the global practices, he said the government is effortful to systematize the tax system.

The Minister further pledged to prevent the possibility of revenue misappropriation, adding that the government has pursued a policy of promoting capital investment instead of loan investment.

He said the use of electric vehicles was encouraged as per the government policy of promoting the use of electric vehicles to reduce the consumption of fossil fuel, the tax on the imports of vehicles was revised. The Finance Minister added that grievances that the use of e-vehicles was discouraged were not based on reality. The tax was slightly increased bearing in mind the possibility of the nation incurring loss of revenue of billions of rupees from the imports of vehicles, he added

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