Finance minister Shankar Koirala has
assured the private sector that the government will bring a full-fledged budget for the next fiscal year 2013-14 on time
to help promote private sector investment.
“The incumbent government has its own limitations as it is the interim one but it
will bring the full-fledged budget on time to help boost private sector’s
growth,” he said, while releasing the Revenue Advisory Committee Report 2070,
“In the absence of full budget, economic growth will stall,” he added.
Revenue administration needs reforms
— whether the state wants it or not — as revenue is key for the public expenditure
throughout the year, Koirala said, adding that revenue administration should
also not harass tax payers, rather facilitate them.
The committee’s report has
suggested tax reforms to promote export, import-substitution, agro production,
hydropower generation and mergers between financial institutions.
Chief economic advisor to the finance ministry Dr Chiranjibi Nepal, on the
occasion, suggested the private sector not to expect too much from the current
government’s budget, though it will address some of the pertinent issues to
boost the private sector’s confidence.
On the occasion, finance secretary Shanta Raj Subedi stressed on tax policies that will encourage voluntary tax payments.