KATHMANDU: Finance Minister Prakash Sharan Mahat has said that if investments can be increased in the fields of tourism, agribusiness, IT and hydropower, the country can benefit from the competitive market.
Addressing the 20th annual general meeting (AGM) of Confederation of Nepalese Industries (CNI), Minister Mahat said, "The government and private sector should check the sectors in which we can be competitive and others in which we cannot."
Minister Mahat stated that the government is committed to building a dynamic economy. Mentioning that hydropower export is a potential sector, he also said that the government is committed to reducing imports and increasing exports.
Mentioning that 'Budget Watch', a book published by CNI, covered various issues on the topic of budget, he said the present government has focused on the implementation of the budget.
He said CNI has raised various issues with the aim of providing at least one level of security to domestic industries, even two levels of security in some places. He added that this will provide some relief to the industries while the government has also given protection to the industries.
[caption id="attachment_38748" align="alignnone" width="1000"]
Finance Minister Prakash Sharan Mahat speaks at the 20th annual general meeting of the Confederation of Nepalese Industries.[/caption]
Talking about the budget, Finance Minister Mahat said, "We could not carry out the entire reform at once, the time was short. However, we should start doing homework now. It is about restructuring our internal financial system. Based on the evaluation of effectiveness, we need to give a new direction to the budget."
He asserted, "We have not increased taxes this time. In the budget for the upcoming fiscal year 2023/24, we have put effort to expand the scope of taxes." "The list of VAT exemptions was increasing every year. But now we have stopped it," he added.
The minister made it clear that VAT is charged only on value additions and not on transactions. "There may have technical errors in some places, but overall the budget is oriented towards keeping our economy running," he said adding monetary policy will bring more things.
Further, he said the budget under the capital expenditure was reduced due to increasing liability for social security.
Minsiter Mahat stressed the effective implementation of expenditure and said the economy will be viable if the capital expenditure can be made effective.
READ ALSO:
Finance Minister Prakash Sharan Mahat speaks at the 20th annual general meeting of the Confederation of Nepalese Industries.[/caption]
Talking about the budget, Finance Minister Mahat said, "We could not carry out the entire reform at once, the time was short. However, we should start doing homework now. It is about restructuring our internal financial system. Based on the evaluation of effectiveness, we need to give a new direction to the budget."
He asserted, "We have not increased taxes this time. In the budget for the upcoming fiscal year 2023/24, we have put effort to expand the scope of taxes." "The list of VAT exemptions was increasing every year. But now we have stopped it," he added.
The minister made it clear that VAT is charged only on value additions and not on transactions. "There may have technical errors in some places, but overall the budget is oriented towards keeping our economy running," he said adding monetary policy will bring more things.
Further, he said the budget under the capital expenditure was reduced due to increasing liability for social security.
Minsiter Mahat stressed the effective implementation of expenditure and said the economy will be viable if the capital expenditure can be made effective.
READ ALSO:
Published Date: June 28, 2023, 12:00 am
Post Comment
E-Magazine
Click Here To Read Full Issue
RELATED B360 National
