KATHMANDU, Feb 29: Prime Minister Pushpa Kamal Dahal has spoken of the need for putting in place a system requiring the very person responsible for causing damage or losses to the State to compensate for such damage or losses.
The government on Monday reiterated its priority to construct Nijgadh International Airport (NIA) while unveiling the Principles and Priorities of Budget for the next fiscal year. The construction process will be taken forward after finalizing the investment design of Nijgadh Airport.
KATHMANDU, Feb 25: At a time when there are complaints that the provincial structure has only increased the burden of expenses for the country, questions have been raised on the capacity of the provincial governments to work. All the seven provincial governments have failed to spend their budgets. Not being able to spend the budget means not being able to work as needed, say experts.
The government is currently grappling with a critical issue that requires immediate attention: the escalating public expenditure and resulting budget deficit. It has become evident that urgent measures are necessary to minimize government spending, as the current trajectory is unsustainable and poses a serious threat to the nation's financial stability and future development.
KATHMANDU, July 9: The provinces have spent only half of their budget till June 15 of the current Fiscal Year 2022/23. Of the total budget of Rs 306 billion that the provinces passed for the current fiscal year, they have spent only Rs 151.3 billion till June 15, which accounts for 49.45 percent of the total annual allocations.
KATHMANDU, June 28: Finance Minister Prakash Sharan Mahat said the government imposed value added tax on onion and potato as a protectionism measure to boost the domestic yield of the agricultural products.
KATHMANDU, June 28: A meeting of the parliamentary party of CPN (Unified Socialist) has decided to support the government in passing the budget for the upcoming fiscal year 2023/24.
Previously, the leaders of CPN (Unified Socialist) protested against the budget. This morning at the Prime Minister's Residence, Baluwatar, the Prime Minister, the Finance Minister and CPN (Unified Socialist) Chairman Madhav Kumar Nepal, along with some MPs, reached a conclusion to support passing the budget.
KATHMANDU, June 26: Godavari Municipality of Lalitpur district has announced an annual budget of Rs 2.33 billion for the fiscal year 2023/24. The budget was presented by Deputy Mayor Muna Adhikari during the executive meeting of the municipality. The allocation of funds includes Rs 35 million for infrastructure development, Rs 30 million for the health sector, and Rs 5 million for education.
KATHMANDU, June 16: The Department of Commerce, Supplies, and Consumer Protection (DoCSCP) has issued a stern warning to traders involved in the black market for onions, emphasizing that strict action will be taken against them.
KATHMANDU, June 16: The government of Sudurpaschim Province has announced plans to launch the Province Constituencies Infrastructure Development Program. This comes in the wake of the federal government facing heavy criticism for enacting a similar program.
KATHMANDU, June 12: Lawmaker and former Finance Minister Bishnu Prasad Paudel has said that the budget for the upcoming fiscal year 2023-24 has failed to accept the reality of economic slowdown and to fall in line with the government policies and programs.
KATHMANDU, June 11: The House of Representatives (HoR) has kicked off its session today. The lower house of the Federal Parliament will be holding general deliberations on the Annual Estimates of Revenue and Expenditure for Fiscal Year 2023/24 in the meeting today.
The government has recently unveiled the budget for the upcoming Fiscal Year (FY) 2023/24. However, the budget has faced criticism from various quarters including the private sector organizations such as the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), the Confederation of Nepalese Industries (CNI), and the Nepal Chamber of Commerce (NCC). These organizations express dissatisfaction, asserting that the budget only partially addresses their demands.
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.
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.
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 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.