KATHMANDU: The House of Representatives has unanimously approved the proposal to consider the Finance Bill.
The proposal, tabled by Finance Minister Swarnim Wagle, was endorsed during Friday’s parliamentary session.
Responding to lawmakers’ concerns raised during the general discussion, Finance Minister Wagle assured that taxes and fees collected under the budget would be utilized in the respective sectors where they are intended to be spent.
He clarified that since all state revenues are deposited into a single consolidated fund, separate funds for individual projects and programs are not required.
Highlighting the tax policy, the finance minister said individuals with an annual income of Rs 1 million have been granted income tax exemption, adding that the tax structure has been designed with a long-term vision for a sustainable economy.
Wagle said the government supports a liberal economy with social justice, stressing that the budget is based on the principle of “those who can pay, support those who cannot.”
“While some measures may seem unpopular in the short term, the government has taken bold steps in the budget for long-term national and public benefit,” he said.
He also said the government has made necessary arrangements to modernize and commercialize the electricity sector, adding that it is moving forward firmly on governance reforms.
According to him, the more the economy is formalized, the faster the country’s economic improvement will be.
He further clarified that no cuts have been made to welfare programs targeting the poor and marginalized groups introduced by previous governments.
Lawmakers Khushbu Oli, Ganesh Parajuli, Pushparaj Kandel, Ganesh Bahadur Bishwakarma, Harkaraj Rai, Gangalakshmi Awal, Indira Rana Magar, Krishnahari Budhathoki, and Guru Prasad Baral participated in the discussion and expressed their views on the bill.
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