Tuesday, July 18, 2017

Finance Minister pledges tax base expansion, reform

Finance Minister has expressed his commitment to expand the tax base and to reform the tax system to give momentum to the economy.
Addressing a news conference – the first after being appointed finance minister – organised by the Finance Ministry here today, finance minister Gyanendra Bahadur Karki said that the government will meet Rs 730.55 billion revenue mobilisation target for the current fiscal year with expansion of tax base and reforms.
The ministry had mobilised Rs 611.76 billion in revenue in last fiscal year.
"The revenue mobilisation last fiscal year exceeded the target because of broadening of the tax base, upgrading of tax realisation standard, promotion of technology-oriented services in revenue administration, leakage control and administrative reforms," he said, adding that the government was equally conscious and serious regarding plugging revenue leakage. "The success in revenue mobilisation was possible due to the expansion in the number of tax-payers, the favourable economic activities created by the 6.9 per cent economic growth, increase in the investment in the reconstruction works, the new system of tax initiated at the point of origin at customs and tax investigation."
The finance minister, on the occasion, also reaffirmed that the government has laid special emphasis on increasing the capital expenditure, pledging to implement the recommendations made by the high-level tax system review commission.
At the press meet organised to share about the revenue mobilised by the government, he said that the ministry is vigorously working towards propelling the country towards prosperity. "We are committed to providing services and facilities to the people in remote areas," he said, adding that the government, however, expects the active cooperation and support from all the sections of society. 


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