HoR endorses Finance Bill, 2082 with majority

Kathmandu, June 28: A session of the House of Representatives (HoR) today endorsed a proposal tabled by Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel, seeking an endorsement of the Finance Bill, 2082 BS.     

The meeting also dwelt on the amendments proposed for the Bill. In his response to the concerns raised during the discussion, Minister Paudel said the Bill aimed at maintaining stability in tax policy and creating an investment-friendly atmosphere.     

Expansion of tax remit, control of revenue leakage and channeling informal economy into taxation system are among the top priorities of the Bill, according to him. The difficulty the possible investors face due to change in tax rates each year was kept in mind during the formulation of Bill, he said, adding that the Bill laid an emphasis on policy stability.     

Paudel claimed that the proposed tax measures were aimed at promoting economic self-sufficiency and balanced development. Tax rates on beverages and tobacco products were slightly revised, considering their adverse impact on public health. The Bill includes the withdrawal of the provision for advance tax, according to him.(RSS)