Kathmandu. Finance Minister Bishnu Prasad Poudel is presenting the budget for the fiscal year 2082/83 BS in the joint house of parliament. Minister Poudel has prepared a defensive budget amid intense resource pressure.
The budget is scheduled to be presented in the House of Representatives and the National Assembly at 3 pm. Minister Poudel along with a team of ministries worked at the Ministry of Finance on Wednesday night to finalize the budget. Every year, the tax rate is revised only on the night of May 14.
Ministers and employees are always under pressure when important tax rates are revised at the last minute. This time the tax rate on electric vehicles has been changed. According to sources, there is now a provision to tax the price of EV vehicles. The modality has been changed after tax evasion while imposing tax on motor power kilowatts of EV vehicles.
Similarly, the tax has been increased by 10 to 20 percent from the current tax rate. General taxes on alcohol and cigarette products have been increased.
Sources claim that the salary of the employees has been increased this time.
Defensive budget coming
At present, the government has more obligations to pay. The government has not been able to pay Rs 11 billion for corona insurance. Similarly, the payment of agricultural insurance has not been made. Under the government’s health insurance program, more than Rs 20 billion has been added to the annual allocation of Rs 7.5 billion.
Health Minister Pradeep Poudel has said that rs 40 billion would be required annually for the health insurance programme alone. The government’s liability has increased after the U.S. Agency for International Development (USAID) stopped millions of dollars in aid. If the US stops the MCC, then the project will be stuck. The budget has become completely defensive as the government’s income has made it difficult to meet regular expenses.
The budget plans to use natural resources to increase the government’s income. The plan to export stone ballast sand, which has already been disputed, has been repeated. It is estimated that the government will exceed 120 billion social security obligations. The age of receiving the old age allowance has been increased from 68 to 70 amid pressure from resources.
The budget covers most of the issues of the Economic Reform Action Plan 2082 BS. A meeting of the Council of Ministers held on May 28 had approved a 408-point action plan. This action plan is expected to bring more improvement in the economy. According to this action plan, the budget has opened the way for repealing 14 acts. It has also paved the way for the government agencies to be abolished and restructured. Finance Minister Poudel has prepared the budget so that he does not get into controversy as much as possible. He had urged the budget team not to put anything in the controversy from the beginning.
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