CA panel meet on resources, revenue
KATHMANDU; Constituent Assembly member Rajendra Khetan today highlighted the
distribution of natural
resources and the taxation system for the constitution suggested by the
Constituent Assembly Committee on Natural
Resources Economic Rights and Distribution of Revenue.
“Protection of biodiversity, sustainable management and use of natural resources, economic
prosperity and balanced development and lastly a competitive people’s democracy are the four points that we are looking into,” said Khetan.
Protection of natural resources, protection and conservation of public property have been listed under fundamental duties of individuals while paying tax has been slated as a citizen’s duty to the state.
The freedom of business, profession, employment, industry, trade and investment are the six major fundamental rights being suggested into the constitution.
As far as the state policy is concerned, Khetan said that it needs to be open and execute trade and business in a competitive environment to generate profit without monopolizing while protecting the right of those concerned along with needful exit policy for trade and business. “Foreign aid will be in the interest of poverty alleviation, regional development and status of infrastructure,” said Khetan in his presentation.
The tax system has been divided into three segments coming under the centre, federal states and local administration.
“It has been suggested that matters of customs, VAT, institutional income tax, individual income
tax, casino and carbon trade will be looked into
by the centre,” said
Khetan adding that vehicle tax will be under the federal state while excise will be under federal state and centre.
a brief summary of one
of the two papers
that were sent to the constitutional committee by the full House.