Finance Minister Rules Out Change In Industrial Policy Of Replacement Budget

Finance Minister Janardan Sharma has said that the policy provisions made to encourage domestic industries through the replacement Bill would not be changed.
Inaugurating a two-day management seminar of the Inland Revenue Department on Tuesday, Minister Sharma said that there would not be any change in the provision and arrangement made for the benefit of the country in the long run.

“Some people are trying to influence me through different means. I am not a person who deceives the country for personal gain. I urge you not to dare to do so. The decision to encourage industries based on domestic products and job creation will not be reversed,” he said.
Emphasising on the need to increase domestic production and export-based revenue rather than import-based one, he directed authorities and employees to work actively in this direction.

He informed that further reforms related to tax rates would be amended by forming a tax review commission.
Minister Sharma said that some people had ridiculed his earlier demand for a plan to double the amount internal revenue. “This is what I said on purpose, not to speak. I have asked for a plan, but it has not come yet.”
Stating that there is a possibility to double the country’s internal revenue, Minister Sharma reiterated his call for the plan.

There is a team of qualified staff in the department, he said and directed that the process of change of political leadership is beyond the interest of the staff and whoever comes to the leadership should fulfill their responsibility.
Minister Sharma instructed the officials to make arrangements for the taxpayers to get the tax payment certificate online within three months.

In order to expand the scope of the tax, he urged the people to be taxpayer-friendly and make arrangements for respecting them by setting standards.
On the occasion, Finance Secretary Madhu Kumar Marasini directed the employees to improve the technology so that the taxpayers can file their details directly in the system of the Inland Revenue Department as soon as the VAT bill is issued.

Revenue Secretary Krishna Hari Puskar said that the tax administration should be based on the modern principles by reforming the conventional tax administration.
Vice-President of the Federation of Nepalese Chamber of Commerce and Industry Ram Chandra Shanghai, President of Nepal Chamber of Commerce Rajendra Malla and President of Confederation of Nepalese Industries Vishnu Agrawal have suggested simplifying tax administration, arranging social security for taxpayers, treating taxpayers respectfully and expanding the use of technology.

Director General of the IRD Shova Kanta Poudel expressed his commitment to follow the guidelines and directives of the government and suggestions made by the private sector to make tax administration effective and simple.

Source : TRN,