Kathmandu. The Ministry of Finance has written to the Policy Research Institute to conduct a study, stating that there is a large economy in the informal sector.
The ministry wrote to the institute on Sunday (Ashar 15) to conduct a study on six different topics. An employee of the Ministry of Finance said, “It is estimated that there is a large economy in the informal sector of Nepal. We have written to the Policy Research Institute to conduct a study on six topics, including the main topic of how this economy can be brought into the formal sector.”
The Ministry of Finance believes that when the economy of the informal sector comes into the formal sector, the state’s revenue will also increase. The Ministry of Finance has concluded that Nepali businessmen are also informally fleeing capital, even if they earn money from formal businesses.
A ministry source said, “If a company called ‘A’ earns a profit of Rs 5 billion in a fiscal year, it is not found where it invested that money. Such amounts should have been used to expand its business or appear in bank deposits. They should have been seen somewhere, but they are not. This is a matter of concern for the economy.”
The ministry understands that there should be no delay in investigating this issue.
The ministry has also asked for an investigation into the collection of non-tax revenue. The letter has been sent to suggest ways to collect more taxes in the context of the fact that non-tax revenue is collected less than tax revenue.
In the third number, it has also been asked to conduct research on the impact of the budget. It has been asked to prepare a study report on the impact of the budget allocated in this way in the context of the practice of only powerful leaders and ministers preparing the budget every year and winning elections.
Similarly, in the fourth number, it has also been asked to study what the actual results of the budget are. In the fifth number, it has also been asked to conduct research on how to manage the issues scattered in social security.
Currently, the government is spending the budget indiscriminately on social security. There is opposition to the fact that social security does not reach the target group and that even wealthy people can continue to benefit from social security. The ministry has asked the organization to study this matter and submit suggestions.
Sixth, it has also asked for an investigation into the issue of grants provided by the government. The practice of providing grants without transparency in the grants provided by the government and based on matching files is increasing.
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