KATHMANDU: The House of Representatives has approved the proposals to consider the Finance Bill and the Public Debt Bill.
The proposals, tabled by Finance Minister Swarnim Wagle during Friday’s House meeting, were unanimously endorsed by lawmakers.
Prior to the approval, lawmakers participating in the general discussion raised concerns regarding tax rates, welfare programs, and other budget-related provisions.
Responding to the queries, Finance Minister Wagle said all state revenues are deposited into a single consolidated fund, making it unnecessary to establish separate funds for individual projects and programs.
He urged lawmakers and the public not to be misled, assuring that taxes and fees allocated in the budget would be spent in their respective sectors.
The finance minister also noted that individuals earning up to Rs 1 million annually have been granted income tax exemption and said the tax structure has been designed with the goal of building a sustainable long-term economy.
Wagle argued that the government has included measures in the budget that may appear unpopular in the short term but will ultimately benefit the country and its citizens in the long run.
He further stated that only a government backed by a strong public mandate can take the risks necessary to implement major reforms and transformative policies.
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