Govt ensures safety to private sector: Finance Minister

Kathmandu, Nov 17: Finance Minister Rameshore Prasad Khanal stated that the government was fully committed to ensuring safety and support to private sector.

Speaking at a programme organised by the Inland Revenue Department to mark the National Tax Day 2082 today, the Minister said the government is serious about maintaining high levels of confidence among private-sector actors.

Khanal, who assumed office following the Gen Z movement, said, “The protest was not merely against the government or political parties. It was an eruption of frustration against deep-rooted anomalies in society. The lack of inclusion in development efforts and the growing unemployment had created immense pressure among young people, which ultimately surfaced through the movement.”

He stressed that ensuring the security of the private sector is fundamentally the government’s responsibility. “We will guarantee security for the private sector. Establishing good governance, curbing corruption, and creating an environment where citizens can live with dignity are the forms of security.” According to him, preliminary assessments showed the recent protests caused physical infrastructure damage worth approximately Rs 78 billion. Official data showed that around 2,900 buildings across 55 districts were damaged. He added that the government had allocated Rs 120 billion from the current fiscal year’s budget for reconstruction efforts.

The Minister further stated that honest businesspeople will no longer be subjected to unnecessary burdens such as full audits. He emphasized the need for comprehensive reforms in the tax system. A thriving business climate, Khanal said, is essential if the nation expects to see growth in revenue collection.

Finance Secretary Ghanashyam Upadhyay stressed that boosting employment-oriented investment is the need of the hour. He highlighted the importance of adopting a faceless audit system and further strengthening revenue administration. “The Ministry remains fully committed to listening to the concerns and issues raised by taxpayers,” he added.

Revenue Secretary Bhupal Baral added that to achieve revenue targets, it is crucial to control leakage, enhance administrative capacity, coordinate effectively with taxpayers, and utilize information technology and artificial intelligence. He, however, complained that frequent transfers of officials hindered performance-based work.

Also speaking at the event, Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said that although the Gen Z movement raised important issues such as good governance, transparency, and corruption control, the attacks on private and commercial properties of entrepreneurs and businesspeople were unexpected and unacceptable. He added that despite ample liquidity in the market, delays in completing large-scale projects and the suspension of IPOs for many companies have discouraged the private sector.

According to the Inland Revenue Department, this year’s Tax Day is themed “The essence of the tax system, the foundation of investment".  (RSS)