Kathmandu. The House of Representatives has passed the Finance Bill, 2082 BS. Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel had presented a proposal in today’s meeting of the House of Representatives seeking the passage of the bill. The bill was passed with a majority.

Today’s meeting discussed the amendments received on the Finance Bill, 2082 BS. Responding to the queries raised during the discussion on the amendment proposal, Finance Minister Poudel said that there were not many changes with the objective of creating an environment for investment by maintaining stability in the tax policy.

Expanding the scope of tax, controlling revenue leakage and bringing the informal economy under the tax net are among the priorities of the Economic Act, he said.

Finance Minister Poudel said that the emphasis has been laid on policy stability in view of the situation where changing the revenue rates every year can cause problems to the investors.

“The question that has been raised time and again is that there has been instability and uncertainty in the tax policy and rate, so investors could not predict taxes. This has affected the business and industry sector,” said Finance Minister Poudel, adding, “The finance bill, 2082 BS has been proposed to amend the Finance Bill 2082 so that the message of stability in the tax policy and rate can be conveyed.” ’

According to him, provisions have been made to increase production and productivity by motivating industrialists to invest and to provide tax exemption and concessions in sectors that can contribute to the overall national economy. Finance Minister Poudel claimed that the finance bill has been presented for the next fiscal year keeping this in mind.

“The tax has been proposed in a manner conducive to a self-reliant economy and balanced development. Some changes have been made in alcohol and tobacco products as they have adverse effects on public health,” said Finance Minister Poudel. He also said that the provision of advance income tax has been removed through the Finance Bill.

All the amendment proposals on the Finance Bill, 2082 were rejected by a majority.