Kathmandu. The government has formed a Revenue Advisory Committee targeting the budget for the coming fiscal year 2083/84.
The Ministry of Finance has formally started the budget formulation process for the coming fiscal year. The Revenue Consultative Committee has been formed by a ministerial decision on February 12 to collect suggestions on revenue policy, tax structure, customs rate, revenue administration and macroeconomic reforms before the budget formulation.
Spokesperson at the Ministry of Finance, Tanka Prasad Pandey, said that the committee has been formed under the coordination of Revenue Secretary at the Ministry of Finance. The committee comprises representatives from the government, central bank, academia and private sector.
The Committee has been mandated to suggest policy and legal reforms related to income tax, Value Added Tax (VAT), excise duty, education service tax, digital service tax, tax on e-commerce and other inland taxes as per the Finance Act. According to him, the committee has been given the responsibility of reviewing tax rates, simplification of tax process, reform of tax system and recommendations on necessary reforms in revenue administration and organizational structure.
The committee will make recommendations on the issues related to economic development by making a comparative analysis of the international, regional and national economy. There is a provision to make recommendations after discussing with the experts, industrialists and businessmen concerned after conducting study and research on the expansion of the tax range, implementation of new tax or repeal.
According to the Finance Ministry, nine sub-committees have been formed for the effective work of the committee. After collecting the suggestions, the sub-committee will submit its report to the main committee by mid-April. The committee is scheduled to submit its final report to the Finance Minister by mid-April 2083.
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