#news #budget #Nepal
The Ministry of Finance has initiated the preparation of the budget calendar for the upcoming fiscal year 2082/83. The National Resource Estimate Committee has provided a budget ceiling within which the budget for the next fiscal year will be constructed. Spokesperson Shyamprasad Bhandari from the Ministry of Finance stated that the budget calendar is progressing due to amendments made in the Economic Procedures and Financial Accountability Act. The estimated budget deficit is around NPR 1.9 trillion, and all ministries have been allocated budget ceilings.
In order to formulate the budget for the upcoming fiscal year, all ministries have received guidelines on budget limits and budget translation. Details of policies, programs, and expected achievements to be included in the budget will be provided to the Ministry of Finance and the National Planning Commission from the 1st of Chaitra to the 20th of Chaitra.
Regarding the news, Ramesh Khatri, a representative of Kansai Nepal News, stated, “The advancements made in the budget calendar due to the amendments in the Economic Procedures and Financial Accountability Act show a positive trajectory towards budget formulation for the upcoming fiscal year. The estimated budget deficit poses a significant challenge, but by providing all ministries with budget allocations, the government aims to ensure a well-structured financial plan.”
Furthermore, discussions and consultations regarding the budget for the fiscal year 2082/83 will involve political party representatives, former finance ministers, governors, former finance secretaries, economists, and experts from the 26th of Chaitra to the 25th of Baisakh. The establishment of the Revenue Consultation Committee and the Budget Writing Committee has been announced, with Shreekrishna Nepal appointed as the coordinator of the five-member Budget Writing Committee.
In conclusion, the formation of various subcommittees under the Revenue Consultation Committee aims to provide recommendations to the government on revenue policies, such as customs duty, value-added tax, income tax, excise duty, non-tax revenue, and revenue leak controls. The government will receive suggestions on strategies for revenue enhancement and control from these subcommittees. The Ministry of Finance has also informed about the establishment of seven subcommittees under the Revenue Consultation Committee, focusing on internal revenue, customs, industry, commerce, export promotion, revenue leak controls, and asset cleansing investigations.
—
Author: MAYA | HARUTO
Posted at: March 2, 2025 12:02 am
