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.

Khetan presented

a brief summary of one

of the two papers

that were sent to the constitutional committee by the full House.