Kathmandu. Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said that luxury tax has been imposed to maintain transparency in gold transactions on the basis of the need to get out of the grey list. Minister Poudel said this while replying to the questions raised on the Appropriation Bill of the Ministry in the meeting of the National Assembly on Wednesday.
He clarified that the government has not made a new proposal regarding luxury tax, but the limit of luxury tax levied earlier on transactions above Rs 1 million on gold has been removed.
Stating that the budget for the upcoming fiscal year has been brought keeping in view the current economic situation of the country, he said that the practice of taking loans during the budget making is prevalent not only in Nepal but also in many countries of the world.
He said, “There is a reference to the deficit budget. Revenue and international cooperation are an important source when we prepare the budget. We also raise loans to certain extents. The size of this loan is linked to the deficit budget. We have not reached the point that we can make the budget only with revenue and international cooperation. Not only us, there are not many people in the world. ‘
“Even the developed countries of the world are practicing borrowing while preparing the budget. But what we are careful about is that the amount of debt should not be unlimited, it should be affordable. And that it can be managed sustainably. And we need to be careful that the loans taken in this way should be spent on productive sectors,” he said.
Minister Poudel claimed that the budget has come as per the spirit of democracy and expressed the belief that the budget would help in the overall development of the country.
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