KATHMANDU, Feb 27: The government has formed a 12-member Revenue Advisory Committee to provide recommendations for the formulation of the budget for the upcoming fiscal year 2083/84.
Finance Minister Rameshore Prasad Khanal constituted the committee under the coordination of Revenue Secretary Bhupal Baral.
Nine thematic sub-committees have also been formed under the main committee. Representatives from Nepal Rastra Bank and the private sector, among others, will be part of the committee.
Revenue Advisory Committee submits report to government
The committee will recommend policy and legal reforms related to taxes to be imposed under the Economic Act, review tax and non-tax revenue rates, propose reforms in the tax system, and suggest improvements in overall revenue administration and organizational structure.
It will also provide suggestions on customs tariff revisions, valuation systems, customs administration and structural reforms, including border management. The panel will identify potential areas of non-tax revenue, determine and review rates, and address issues such as overlapping taxation among federal, provincial, and local governments.
According to the Ministry of Finance, the committee will also recommend improvements in intergovernmental tax system management, revenue-sharing arrangements, and propose solutions to existing challenges in the sector.
The sub-committees include Internal Revenue; Customs; Revenue Leakage Control and Investigation; Industry, Commerce, Investment and Export Promotion; Agriculture, Energy and Tourism; Banks, Financial Institutions, Insurance, Cooperatives and Capital Market; Non-Tax and Intergovernmental Revenue Management; Macroeconomic Affairs; and Anti-Money Laundering Prevention and Investigation.
The sub-committees are required to submit their reports to the main committee by mid-March, while the committee will present its final report to the Finance Minister in April.
