KATHMANDU, May 19: The government has said that it will review the tax system in the next fiscal year.
On Friday, President Ram Chandra Paudel made this announcement while presenting the government's policies and programs at the joint meeting of the Federal Parliament.
Revised interest rate corridor system introduced
He also said that the revenue administration will be made more robust and agile. President Paudel also said that he will review the existing tax system.
President Paudel said that he will crack down on revenue leakages, under-invoicing, investment in illegal business and flight of national capital. He announced that the scope of revenue would be expanded and all economic activities would be brought under the formal system.
Similarly, the government has decided to either cancel or merge the development committees and funds that have duplication of work, are not working according to the purpose, and are irrelevant. President Paudel said that necessary legal arrangements will be made to manage the manpower and assets of the abolished or merged institutions.
