Minister for Economic Affairs and Planning Prabhat Tamang claims that the budget was presented with the belief that ”no person in the province should go hungry due to lack of food, no person should go in darkness due to lack of education, and no person should be sad.”
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Bagmati Province's Minister for Economic Affairs and Planning Prabhat Tamang has claimed that the budget presented in the provincial assembly on Monday focuses on 'so that no one in the province should go hungry without food, should not go in the dark without education, and should not be sad.' He said that in the budget, a 50 percent subsidy will be provided on the electricity bill consumed in cooperative-run milk chilling centers and cold storage houses. Similarly, the provincial government has made budget arrangements to run the 'Chepang, Chiuri and Chamero' program to bring about a change in the economic living standards of the Chepang community. The budget has also made arrangements to set up a smart checkpoint at the main entrance of Bagmati Province.
Minister for Economic Affairs and Planning Tamang said that the necessary budget has been allocated to install CCTV cameras in public places and set up a 'Digital Crime Tracking System' to reduce criminal incidents. It was stated that tax and fee exemptions have been made in various sectors with the aim of encouraging business registration and renewal, attracting investment and expanding economic activities.
The provincial government has given special concessions to industries, firms, private partnerships and businesses that have been registered but not renewed. If such businesses renew their registrations by paying the renewal fees for the current fiscal year 082/83 by mid-December 2083, all fines incurred in the previous year will be waived.
The budget has made a provision that if owners of public rental vehicles registered in Bagmati Province, which are 20 years or older, pay the remaining vehicle tax and renewal fees by mid-December 2083, and cancel the registration by registering the vehicle, the fine amount will be waived 100 percent.
The government has stated that this arrangement has been made with the aim of improving road safety and displacing extremely old vehicles in a phased manner. Similarly, transportation training centers, factories, workshops and reconditioning houses that have not been renewed for a long time will also be completely exempted from the renewal fees and fines of the previous period if they pay the renewal fees for the latest period.
The provincial government has continued the exemption on registration fees for land purchase to encourage the agriculture and manufacturing sector. A 50 percent exemption has been provided on the registration fees for land purchased in the name of hydropower, tea, coffee, cotton, flower business, vegetable farming, animal husbandry, dairy, cardamom, herbs and fruit industries.
With the aim of increasing agricultural production through collective farming, a 50 percent exemption on the registration fees will also be given to groups wishing to register an industry and farm by encumbering land. Similarly, a 50 percent exemption has also been provided on the registration fees for land purchased for the establishment and operation of domestically invested manufacturing and information technology industries. Tobacco, gutkha, pan pollen and liquor industries are excluded from this facility. The 50 percent exemption on registration fee for land purchased for the establishment or expansion of industries providing direct employment to more than 300 people has also been continued.
A 25 percent exemption has been provided on registration fee for transferring ownership of houses in the name of persons with disabilities, Dalits, backward classes, minorities and marginalized communities. The provision of 35 percent exemption on fee for registering land in the name of women within rural municipalities has also been maintained. Similarly, a 50 percent exemption has been provided for registration of houses in remote areas of Himalayan districts.
Similarly, the dependent families of martyrs and disappeared persons who were martyred during the people's movement, armed struggle and Madhesh movement will be completely exempted from all types of fees for transferring ownership of houses. Similarly, the registration fee, service fee and withholding tax levied on land purchased through concessional loans or grants by landless, freed Kamaiya and freed Haliya families will continue to be completely waived.
Although the provincial government has announced various tax exemptions and concessions, it has set a goal to increase internal revenue collection in the coming fiscal year by expanding the scope of revenue. According to Minister Tamang, the concession program has been introduced with the aim of encouraging taxpayers to expand economic activities, create an investment-friendly environment and include businesses in the formal economy.
