Budget to introduce progressive tax system

Kathmandu, May 16: The Ministry of Finance is now busy preparing the budget for the fiscal year 2018/19 round the clock.

Finance Minister and the employees of the ministry are engaging themselves in preparing the budget as per the principles and priorities of the appropriation bills of 2975, said spokesman at the ministry Arjun Pokharel.

As per the constitutional provision, the government should present the income and expenditure statement for the coming fiscal year on May 29.

Finance Minister Dr. Yubaraj Khatiwada presented the principles and priorities of the budget for the fiscal year 2018/19 in the federal parliament on May 9.

“We, the employees and Minister Dr. Khatiwada himself arrived in the office early in the morning and worked till late evening on the budget,” he said.

As per the principles of the budget, the new budget will focus on alleviating poverty and hunger from the country, he said.

Likewise, the budget is being prepared following the state principles proposed in the Constitution to build a self-reliant national economy, he said.

The principals and priorities of the budget aim at bringing all the Nepalis in the network of social security.

The budget will focus on making the investment productive through capital formation and achieving sustainable economic growth in a mutual cooperating among the public, private and cooperative sectors.

The budget would focus on building unity, cooperation and support among the three layers of the government to implement the federal system, he said.

The budget will introduce a progressive tax system, make the efficient tax administration and expand the tax network to optimise the utilisation of domestic resources.

The government is planning to present the policies and programmes for the fiscal year 2018/19 within a week.

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