KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
Finance Minister Bishnu Prasad Paudel’s acknowledgment of a shortfall in revenue targets highlights the ongoing fiscal challenges the government is grappling with.
While revenue collection has improved compared to last year, the gap remains substantial, pressing for increased efforts from customs and tax officials to bridge the deficit.
Paudel’s statement emphasizes the need for greater efficiency from all relevant authorities to meet the established revenue goals, reflecting a broader concern over fiscal management.
This situation underscores the urgency of optimizing revenue generation for maintaining economic stability.
Additionally, external factors such as fluctuations in the stock market, as seen with the NEPSE’s drop of 10.41 points, and business community concerns about customs administration, as voiced by FNCCI President Dhakal and NCC President Agrawal, illustrate the interconnectedness of revenue generation, market performance, and effective governance.
The government’s attention to improving customs procedures and integrating modern technologies is critical in fostering a business-friendly environment that could contribute to the much-needed revenue boost.
Finance Minister acknowledges shortfall in revenue targets
Finance Minister Bishnu Prasad Paudel’s statement highlights the ongoing challenges the government faces in meeting its revenue targets for the current fiscal year.
While there has been some improvement in revenue collection compared to the previous year, the shortfall remains significant, necessitating enhanced efforts from customs and tax officials.
Paudel’s comments underscore the pressure to bridge the gap and achieve the set revenue goals, emphasizing the need for greater efficiency and commitment from all relevant authorities.
This situation reflects broader fiscal management challenges and the urgency of optimizing revenue generation for economic stability.
NEPSE ends with a drop of 10.41 points
The Nepal Stock Exchange (NEPSE) on Sunday closed down by 10.41 points (0.39%), ending at 2,643.93. This follows a drop of 11.10 points in the previous session.
NEPSE opened at 2,670.23 and saw fluctuations throughout the day, reaching a high of 2,681.49 and a low of 2,644.79.
The total turnover for the day amounted to Rs. 9.12 billion, with 94,813 trades involving 15,720,367 shares from 318 listed companies.
FNCCI President Dhakal urged customs administration to become customer-friendly
FNCCI President Chandra Prasad Dhakal’s remarks emphasize the need for a more efficient and business-friendly customs administration to support the private sector.
He advocated for reducing bureaucratic hurdles, curbing discretionary powers, and enhancing technological integration within customs procedures to streamline operations.
Dhakal also stressed the importance of a competitive business environment, suggesting that fostering economic growth will naturally boost revenue.
Additionally, he pointed to the issue of high customs rates contributing to smuggling, which undermines revenue collection and weakens the formal economy.
NCC President Agrawal calls for policy and practical reforms in customs administration
Kamlesh Kumar Agrawal, President of the Nepal Chamber of Commerce, called for both policy and practical reforms in customs administration.
He proposed aligning with international practices by adopting a 10-digit Harmonized Code (HS Code) and emphasized the need for well-equipped quarantine labs at all customs offices.
Postal Service Department will be made more democratic and modern: Minister Gurung
Minister for Communications and Information Technology, Prithvi Subba Gurung, has announced plans to make the Postal Service Department more democratic and modern.
In his remarks at the ‘One Local Level, One Post Office’ program, organized by the Postal Service Department at the Ministry of Communications and Information Technology, Minister Gurung emphasized the need for a change in postal policies.
Gold price drops by Rs 200 per tola
The price of gold in Nepal decreased by 200 rupees per tola on Sunday.
The Nepal Gold and Silver Dealers Federation reported that the price of printed gold dropped to 160,400 rupees per tola, down from 160,600 rupees on Friday.
Additionally, the price of silver also fell by 15 rupees per tola, standing at 1,865 rupees, compared to 1,880 rupees per tola on Friday.
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