KATHMANDU, July 9: The government has stepped up to repeal five different laws related to financial aspects, while moving forward to approving a new bill through the parliament.
According to Finance Minister Swarnim Wagle, the Provincial Development Plans (Implementation) Act, the Nepalese Currency Circulation Act, the Income Stamp Duty Act, the Revenue Leakage (Investigation and Control) Act, and the Financial Intermediation Institutions Act are among the laws that the government is looking forward to repeal.
Provincial govt undermines laws of local govts
Speaking at a session of the House of Representatives, Finance Minister Wagle said that it is necessary to amend and repeal certain Nepalese laws related to finance to address practical problems, unclear provisions, and the need for timely reforms in the implementation of laws by removing legal complexities and duplications.
To repeal these acts, the government has registered a ‘Bill to amend and repeal certain Nepali laws related to finance’ in the parliament. According to the bill, the Revenue Leakage (Investigation and Control) Regulations are also going to be repealed. The government has proposed to amend the Value Added Tax Act, the Income Tax Act, and the Customs Act.
