NA endorses Finance Bill-2082 BS and National Debt Collection Bill-2082 BS

Kathmandu, July 4: Today's meeting of the National Assembly (NA) has passed two bills: Finance Bill-2082 BS and National Debt Collection Bill-2082 BS.     

The Upper House endorsed these bills and forwarded them to the House of Representatives.     

In the meeting, Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel presented the proposal that these bills, received from the House of Representatives (HoR) with a message, be passed without any amendment and sent back to the HoR.     

The proposal was unanimously passed. During the deliberations, Minister Paudel clarified that luxury tax was imposed on gold ornaments to make gold transactions more transparent and to address international communities' concerns on this matter.     

Addressing the queries raised by parliamentarians during the clause-wise discussion on the Finance Bill-2082 BS, the Minister emphasized policy and legal reforms to remove Nepal from the 'Grey List'.     

It may be noted that Nepal is currently on the Financial Action Task Force (FATF)'s Grey List due to deficiencies in its system to prevent money laundering and terrorist financing.     

Minister Paudel, in the meeting, mentioned that the policy provisions were made to mitigate the potential impacts stemming from Nepal's inclusion into Grey List. "This will ensure transparency in gold transaction and bring the trade into tax net thereby curbing illegal trade," he argued.     

Furthermore, responding to the queries of lawmakers on the National Debt Collection Bill-2082 BS, Minister Paudel claimed that the budget for the upcoming fiscal year has proven to be the best on in terms of appropriation, revenue estimates, international aid and international debt among others.     

The incumbent government on May 29 announced an annual budget of Rs 1.964 trillion for the fiscal year.     

He also expressed his confidence that the internal debt would be mobilized for productions, productivity growth and capital expenditure.     

The NA had rejected amendments proposed by the lawmakers regarding the bills by a majority.     

The NA's next meeting will be held on coming Tuesday on July 9.(RSS)