KATHMANDU: The National Assembly (NA) today endorsed two key pieces of legislation: the Finance Bill 2082 BS and the National Debt Collection Bill 2082 BS.
Both bills, received from the House of Representatives (HoR) with messages, were passed without amendment and sent back to the HoR. Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel presented the proposal for their endorsement, which was unanimously approved by the Upper House.
During the clause-wise deliberations on the Finance Bill, Minister Paudel clarified that the newly introduced luxury tax on gold ornaments aims to promote transparency in gold transactions and address concerns raised by the international community.
He emphasized that policy and legal reforms outlined in the bill are part of Nepal’s efforts to be removed from the Financial Action Task Force (FATF)’s Grey List, where the country currently remains due to shortcomings in anti-money laundering and counter-terrorist financing measures.
“These provisions are designed to ensure transparency in gold trade, bring it within the tax net, and curb illegal transactions,” he explained.
In response to questions on the National Debt Collection Bill 2082 BS, Minister Paudel stated that the budget for the upcoming fiscal year is strong in terms of appropriation, revenue estimates, foreign aid, and international borrowing.
The government announced a budget of Rs 1.964 trillion for the next fiscal year on May 29. The Finance Minister also expressed confidence that internal borrowing will be directed toward increasing production, enhancing productivity, and capital expenditure.
Amendments proposed by lawmakers on both bills were rejected by a majority vote in the National Assembly. The NA is scheduled to meet again on Tuesday, July 9.
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