Continue with Google
KATHMANDU, July 2: Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel has said that the decision to implement a luxury tax on gold and silver is aimed at removing the country from the grey list of the Financial Action Taskforce (FATF).
During his replies to questions raised in the course of deliberations on the Appropriation Bill 2082 BS in the National Assembly today, Minister Paudel underlined the need for removing Nepal from the FATF grey list and for maintaining transparency in sale and purchase of gold and silver.
"Presently, a two percent luxury tax is levied on gold transactions exceeding Rs one million. However, in the budget for the upcoming fiscal year (2025–26), this threshold has been removed," he said.
FENEGOSIDA urges govt to immediately revoke 2 percent luxury ta...
He said discussions are going on with gold and silver dealers who have expressed dissatisfaction over the announcement of the luxury tax, expressing his hope for a meaningful conclusion soon.
The Finance Minister who had unveiled a total budget of Rs. 1.964 trillion last month, claimed that the budget is implementable.
As he added, the budget presents a realistic analysis of internal revenue management, loan and grants headlines. "The budget pursues a policy of spending debt for capital building purposes," he said.
"We are aware that the scope of loans should not cross the limit. We focus on the expenditures on production and productivity growth," he added.
The budget and its priorities are rationale, he said, refuting power play and influence during its drafting. The acceleration of projects of national pride, civic involvement in production, employment and social security and the promotion of entrepreneurship are among the highlights of the budget, according to him.
He also claimed wider participation of lawmakers in the formulation of the budget.
Later, the NA meeting approved a proposal tabled by Finance Minister Paudel seeking consideration of the Upper House over the Finance Bill, 2082 and Bill designed to raise National Debt, 2082
RSS
