Finance Ministry announces action plan to execute works in 100 days

By A Staff Reporter,Kathmandu, Aug. 17: The Ministry of Finance has prepared an action plan to execute works in 100 days.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel announced the action plan on Friday mentioning 30 major works that the ministry would carry out in the first 100 days after DPM Paudel assumed his office.

The action plans of the Ministry include the formation of a high-level economic reform recommendation commission to improve the overall economy of the country, the preparation of the second financial sector development strategy and the formation of a central rapid patrol to control revenue leakage.

According to the Ministry, the high-level commission is expected to identify the areas of economic reform and to find the policy/legal ways to reform the economy.

Similarly, the implementation of internal revenue mobilisation strategy 2081, preparing and implementing a strategy to make the customs assessment based on the transaction value, formulating the customs fee regulations 2081 and paying the liabilities legally created in the last fiscal year are other points of the action plan.

It is mentioned that the process of refunding a 10 per cent value-added tax on the payment of purchases made by consumers through digital means will be initiated and to begin the dematerialisation of citizen savings certificates and foreign employment savings certificates.

The ministry said that procedures for maintaining economical public expenditure, 2081 will be prepared and implemented, resource consent from the Ministry of Finance for multi-year contracts, contracts imposed by the relevant ministries/agencies and the details of the remaining obligations to be paid will be consolidated.

More than 200 taxpayers with an annual turnover of more than Rs. 250 million will be included in the central invoice monitoring system. Likewise, the use of luggage and vehicle scanner machines will be introduced at the Tatopani customs office.

Uttar Kumar Khatri, spokesperson for the Ministry of Finance, said that the implementation of the action plan will help improve policy, legal and service delivery, as well as achieve more achievements in resource and expenditure management and foreign aid mobilisation.

The Ministry has planned to prepare the draft of New Insurance Regulations, 2081 and submit it to the Council of Ministers and submit the Securities Issuance and Trading Regulations of Small and Medium Organisations, 2081 to the Council of Ministries.

Amendments to the Budget Formulation Directive, 2075, and the Work Operation Manual, 2077 and formulation of the Budget Transfer Procedure, 2081 are other action plans. 

To control excise duty leakage, the ministry plans to submit a report after conducting on-site inspection and monitoring of industrial establishments that produce alcohol, beer, cigarettes, tobacco products, energy drinks and juices.

According to the Ministry, a flying squad team focusing on controlling revenue leakage will be formed and deployed. 

A plan to ink the contract agreement for the construction of a transmission line from the New Butwal substation up to the Indian border is also included. 

Similarly, there is also a plan for the contract agreement of the New-Butwal substation to the New Damauli substation.