Finance Minister Dr Prakash Saran Mahat presented the budget for the upcoming fiscal year in the parliament on 29th May 2023, with promises to lift the descending economy and to accelerate development activities. The budget with an economic growth rate of six percent to be achieved in the next fiscal year expects to tame the inflation rate at 6.5 percent.

KATHMANDU, June 5: The government has backed off from its decision to include the share transactions in the income tax bracket, just in one week of the budget announcement.

Illogical Raise in Direct Taxes

June 5, 2023 07:30 am

The recent revision of the tax structure by the government, which includes an increase in direct taxes and a broader inclusion of income earners in the tax bracket, is illogical and detrimental to the country's national economy. This move imposes an additional burden on citizens and fails to create vibrancy in economic activities. The government's decision to increase direct taxes on registration and renewal of automobiles, as well as the tax on interest earnings, further exacerbates the problem.

KATHMANDU, June 4: The government that reeled under the low revenue collection has widely revised the tax structure, particularly provision of direct tax, at a time when the country is undergoing recession with the massive fall in aggregate demand.

KATHMANDU, June 2: With the onset of pre-monsoon activities in the country, the government is ramping up its preparations to address and manage monsoon-induced disasters through an integrated disaster management system. This initiative comes in response to the significant impacts of past disasters, which were reportedly exacerbated by a lack of preparedness. The disaster management system operates through collaborative efforts between the Ministry of Home Affairs and various stakeholders.

KATHMANDU, June 1: The government has announced that it will change the model of agricultural subsidies keeping in view of complaints about the misuse of subsidies given in the agricultural sector.

KATHMANDU, June 1: Experts have warned the government not to consider taking more internal loans for its regular expenditure as the state’s financial system is already overburdened by domestic borrowings.

KATHMANDU, June 1: The government and the World Bank (WB) on Wednesday signed a financing agreement for $120 million concessional loan from the International Development Association and a grant agreement for $19.7 million from the Global Partnership for Education for the operation of the School Sector Transformation Program (SSTP).

The recent announcement by Finance Minister Dr Prakash Sharan Mahat regarding the allocation of funds under the 'Parliamentary Infrastructure Development Program' has raised concerns among the public. While the government claims that this program is different from the previously criticized Constituency Development Fund (CDF), it is important to remain vigilant and take necessary measures to prevent any potential misuse of funds by lawmakers.

KATHMANDU, May 31: The government has formed a committee under the leadership of a government secretary to solve the payment problem of sugarcane farmers.

KATHMANDU May 31: The Nepal Chamber of Commerce (NCC), an umbrella organization of the private sector, has said that the implementation of the next fiscal year's budget prepared by the Ministry of Finance is going to be challenging. The Chamber said that it will be difficult to secure sources for the Rs 1.751 trillion budget the government has introduced for the fiscal year 2023/24.

KATHMANDU, May 31: Dairy entrepreneurs have objected to the government's decision to abolish the National Dairy Development Board (NDDB).

KATHMANDU May 31: In order to maintain austerity measures, the government has announced that in the budget for the next fiscal year that extra costs for fuel, government employees’ foreign visits, furniture in government offices along with other goods and administrative expenses will be cut.

KATHMANDU, May 31: After the budget revived the controversial Constituency Development Fund (CDF), the government made attempts to save the blushes by saying that the money to be allocated under the heading will not be misused.

KATHMANDU, May 30: The government has reduced the customs duty on sugar and jaggery.

KATHMANDU, May 30: The government presented the annual budget of Rs 1.751 trillion for the fiscal year 2023/24 on Monday.

KATHMANDU, May 30: The government has shown generosity in the taxes on cigarettes and alcohol, which affect public health.

KATHMANDU, May 30: The government has introduced the 'Luxury Tax' for the first time. The government is going to collect an additional two percent luxury tax from those who stay and receive services in four and five star hotels.

KATHMANDU, May 30: The education sector is to receive Rs 1 billion more budget in the upcoming fiscal year as compared to the current fiscal year.

KATHMANDU, May 30: The government has announced the budget for the fiscal year 2023/24 at Rs 1.751 trillion, which is way higher than the ceiling fixed by the National Planning Commission (NPC).

KATHMANDU, May 29: The price of beer will increase by Rs 10 per bottle. According to the budget announced by the government for the next fiscal year, the overall price will increase due to the increase in the excise duty.

KATHMANDU, May 29: For the fiscal year 2023/24, the government has allocated Rs 15.56 billion for the forest and environment sector.

KATHMANDU, May 29: The government has announced to carry out a feasibility study for cannabis farming for medicinal uses in Nepal.

KATHMANDU, May 29: The government has allocated Rs 197 billion for the Ministry of Education, Science and Technology for the fiscal year 2023/24.

KATHMANDU, May 28: The government is under pressure to devise suitable fiscal policy to generate more revenue sources, to overcome challenges of recession and cutting down the unproductive expenses through announcement of the budget for the fiscal year 2023/24.

Local governments in Karnali Province are offering scholarships to aspiring local students to study medicine, engineering and chartered accountancy, among other courses, to address the shortage of skilled human resource.

KATHMANDU, MAY 22: Nepal Police is being praised for detaining “high profile” people in connection with the fake Bhutanese refugee scam.

KATHMANDU, May 21: The government’s policies and programs for the upcoming fiscal year 2023-24 have received mixed reactions from the members of parliament.

KATHMANDU, May 21: Vice President Ramsahay Prasad Yadav has said the government will make vigorous efforts to resolve the problems faced by entrepreneurs.

KATHMANDU, May 21: Ending the existing cumbersome and lengthy process to obtain a driving license, the government is preparing to provide the license to the service seekers within a week after the start of the process to acquire a driving license.

KATHMANDU, May 20: The government has announced various programs to promote the use of indigenous products. Through policies and programs, the government is going to identify industries that can produce goods and services that can be self-sufficient and make policy arrangements for the development and stability of such industries.

KATHMANDU, May 20: The annual policies and programs for the fiscal year 2023/24 have been presented at the parliament with a focus on economic reforms of the country.

GANDAKI, May 20: The policies and programs announced for the coming fiscal year 2080-81 by the federal government on Friday have included various projects and schemes to be carried out in Gandaki province.

KATHMANDU, May 20: The government on Friday unveiled its policies and programs for the upcoming fiscal year 2023/24.

KATHMANDU, May 19: The government will make necessary legal arrangements for the collection and distribution of river-based stones, gravel, and sand.

KATHMANDU, May 19: The government has announced that about 500,000 youth will be employed in the country itself within the next two years.

KATHMANDU, May 19: The government is preparing to merge Nepal Television and Radio Nepal.

KATHMANDU, May 19: The government has announced that it will resolve the citizenship issue immediately.

KATHMANDU, May 19: The government is going to celebrate this decade of 2080 BS as Nepal Tourism Decade and celebrate the year 2025 AD as a special tourism year.

KATHMANDU, May 19: The government has announced stricter arrangements for obtaining national identity cards. President Ram Chandra Paudel made this announcement while presenting the government's policies and programs for the upcoming fiscal year (FY 2023/24) at the joint meeting of the Federal Parliament on Friday.

KATHMANDU, May 19: The government has announced that it will ensure access to energy for all citizens.

KATHMANDU, May 19: The government has said that it will review the tax system in the next fiscal year.

KATHMANDU, May 19: The government is unveiling its policies and programs for the upcoming fiscal year 2023/24 on Friday.

KATHMANDU, May 16: Prime Minister Pushpa Kamal Dahal has called a meeting of the parties supporting the government.

KATHMANDU, May 16: The government's policies and programs is ready to be introduced on May 19. Prime Minister Pushpa Kamal Dahal gave this information in a meeting with Speaker Devraj Ghimire on Tuesday morning.

BHAKTAPUR, May 14: Chairperson of Rastriya Swatantra Party (RSP), Rabi Lamichhane, has said his party would support the government if it carries out pro-people activities.

KATHMANDU, May 13: The government has planned to reduce the import of fuel vehicles to increase the number of electric vehicles in Nepal. The government is set to take a strategy to tighten fuel private vehicle loans.

KATHMANDU, May 13: The government bodies have decided to advance the integrated monsoon preparedness and response action plan in order to minimize the loss of lives and properties this monsoon.

KATHMANDU, May 12: The government has introduced some Nepal Act amendment bills that attack the very essence of the Criminal Code.

KATHMANDU, May 11: Advertising Association of Nepal (AAN) has opposed the advertisement policy that the government is about to issue. In the advertisement proposed by the government, AAN has announced a series of protests against the one-door policy.