KATHMANDU, Aug 16: The Ministry of Finance has developed a 100-day action plan, which includes forming a high-level commission to recommend economic reforms aimed at improving the country’s overall economy.
The action plan also outlines the preparation of a second financial sector development strategy and the formation of a central rapid patrol team to prevent revenue leakage.
Austerity measures in public spending are also part of the plan, with procedures being established to ensure frugality in government expenditures.
Finance ministry outlines key economic reforms in first quarter...
Other key initiatives include the implementation of the internal revenue mobilization strategy for 2081, a strategy for customs assessments based on transaction value, and the creation of customs fee regulations for 2081. The ministry will also address outstanding legal obligations from the last fiscal year.
Additionally, the plan includes a 10 percent VAT refund for purchases made through digital means, and the dematerialization of Citizen Savings Papers and Foreign Employment Savings Papers.
For multi-year contracts, the action plan specifies resource agreements from the Ministry of Finance, details of contracts imposed by relevant ministries or agencies, and the remaining obligations to be paid.
The ministry also plans to integrate 200 more taxpayers, each with an annual turnover exceeding 25 crore rupees, into the central invoice monitoring system. Furthermore, the use of luggage and vehicle scanners will be initiated at the Tatopani customs office.
According to finance ministry Spokesperson Uttar Kumar Khatri, the implementation of this action plan will enhance policy, legal frameworks, and service delivery, while also improving resource and expenditure management and the mobilization of foreign aid.
