Finance Ministry seeks suggestions for formulation of 2023/24 budget

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By A Staff Reporter.Kathmandu, Mar. 22: The Ministry of Finance, which has started preparing the budget for the next fiscal year 2023/24, has sought suggestions for improving revenue administration.

Issuing a notice, the Revenue Advisory Committee, formed by the Ministry of Finance, requested to submit suggestions by April 3, 2023.

According to the notice, the private sector, government agencies and others concerned authorities are requested to provide suggestions regarding the improvement of the overall revenue administration, including customs duty, value added tax, income tax, excise duty, non-tax and leakage control for the formulation of economic act for the coming fiscal 

year 2023/24.

The Ministry of Finance has formed nine different sub-committees for budget preparation.

The concerned stakeholders can submit their suggestion to related sub-committee, including internal revenue sub-committee, customs sub-committee, industry and commerce, investment and export promotion sub-committee, revenue leakage control and money laundering investigation sub-committee, agriculture energy and tourism sub-committee, bank, financial institution insurance cooperative and capital market sub-committee, non-tax sub-committee, intergovernmental revenue management sub-committee, revenue-related laws and regulations administrative reform sub-committee, said the notice. The Ministry of Finance has requested to send the relevant suggestions to the separate email addresses of 

the sub-committees.

According to the medium-term expenditure framework, the government revenue is estimated to increase at a rate of 14 per cent in the next three fiscal years. 

Earlier, the National Planning Commission (NPC) has determined the national resource estimates and expenditure limits for the next three fiscal years. The NPC has fixed the budget ceiling of Rs. 1,688.4 billion for the next fiscal year 2023/24.

As per a preliminary estimation of the NPC, the total resources of the government for the year 2023/24 will be equal to Rs. 1,688.4 billion, Rs. 1,880.3 billion for the fiscal year 2024/25 and Rs. 2,088.9 billion for the fiscal year 2025/26.

According to the constitutional provisions, the government presents the budget for the next fiscal year on Jestha 15 every year. 

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