Finance Minister assures of proper management of tax system

Aarthik News

Nov. 18, 2019, 8:02 a.m.

Kathmandu, Nov 18 . The government is proactive for the proper management of tax system without spoiling business environment. The government said that a system was in the offing by which tax payment will be possible from a mobile phone.

Stating that the management of all laws in regard with the implementation of fiscal federalism and tax system will be carried out within the current fiscal year, Finance Minister Dr Yubaraj Khatiwada assured of a transparent tax system without disturbing the business atmosphere. Lately, the government has been attentive to the promotion of tax system based on internal production.

Facilitation and encouragement in the import of necessary goods, replacement of import through domestic production and management of some imports through a customs and evaluation method are featured in the government programmes introduced lately, he said.

Minister Khatiwada said that the Doing Business Index had already shown that the federalism had many tiers of government and the taxation system was put in place accordingly which will increase business investment. Nepal, this year, was ranked 94th – improved from last year’s 110th in the Index. “The country could face a crisis if we choose to take up loan only.

We should have a long-term vision and should not consider undertaking any initiatives for cheap popularity. We should be responsible and accountable for future as well,” said Khatiwada, who is also former Governor of the Nepal Rasta Bank. Furthermore, the Minister pledged to enable business environment conducive in the country.

Taking up queries from the entrepreneurs on enabling tax-friendly environment, Minister Khatiwada shared that the government considered a revision in taxation in some cases to curb the problems in the business sector after the entrepreneurs’ suggestions.