Fin Min says liberal economy reformed tax system
KATHMANDU: Finance Minister Ram Sharan Mahat has claimed that liberal economy contributed to reforms in the tax system and economic development in the country.
Inaugurating a two-day seminar here today organised by the Inland Revenue Department, Minister Mahat said that Nepal is still struggling to reach the level of other South Asian countries due to political upheavals and conflict in the country.
He said that the contribution of value added tax (VAT) to the revenue collection has stood highest while income tax and customs duty were in the second and third positions, respectively.
Likewise, finance secretary Suman Kumar Sharma said that management of the expenditure had been a tough job due to less spending and negative growth in tax collection in the last fiscal year.