Finance Minister pledges full budget on time

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, here, today.
“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.
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.

The committee’s report has suggested tax reforms to promote export, import-substitution, agro production, hydropower generation and mergers between financial institutions.
On the occasion, finance secretary Shanta Raj Subedi stressed on tax policies that will encourage voluntary tax payments.