The sub-committees under the Revenue Advisory Committee will have to submit their reports to the committee by the end of Chaitra 2082. The Ministry of Finance has stated that the Revenue Advisory Committee will have to submit a report with recommendations to the Finance Minister by the end of Baisakhm.
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The government has started preparations for the budget preparation for the upcoming fiscal year 2083.84. As per the decision of Finance Minister Rameshwor Prasad Khanal on Magh 12, a Revenue Advisory Committee has been formed under the coordination of the Revenue Secretary of the Ministry of Finance to provide opinions/suggestions to the government on various issues for budget preparation. The Revenue Advisory Committee will consist of the Revenue Secretary as the coordinator and the Joint Secretary of the Revenue Management Division of the Ministry of Finance as the member secretary. The committee will provide suggestions on policy and legal reforms related to income tax, value added tax, excise duty, education service fee, digital service tax, taxes levied on e-commerce and other internal taxes levied under the Economic Act, review of tax and non-tax rates, simplification of procedures, reform of the tax system, overall revenue administration and reforms to be made in the organizational structure.
The committee will make suggestions on policy and legal reforms, procedural simplification, and tax and non-tax incentives for industrial promotion and protection, commerce, import and export and foreign trade, service trade, supply management, and investment promotion.
The Ministry of Finance has stated that the Revenue Advisory Committee has already held its first meeting and invited suggestions from the concerned bodies, private sector representative organizations, academics, stakeholders, and the general public. The sub-committees under the Revenue Advisory Committee will have to submit their reports to the committee by mid-Chaitra 2082. The Ministry of Finance has stated that the Revenue Advisory Committee will have to submit a report with recommendations to the Finance Minister by the end of the upcoming Baisakh.
Internal Revenue Sub-Committee, Customs Sub-Committee, There are sub-committees including the Revenue Leakage Control and Investigation Sub-committee, Industry, Commerce, Investment and Export Promotion Sub-committee, Agriculture, Energy, and Tourism Sector Sub-committee.
The members include the department heads, the Central Department of Economics of Tribhuvan University or a senior professor designated by him, the Joint Secretary of the Ministry of Industry, Commerce and Supplies, the Executive Director of Nepal Rastra Bank, two experts (economists and tax experts) in the relevant subject nominated by the Ministry of Finance, the President of the Federation of Nepalese Chambers of Commerce and Industry or a senior official designated by him, the President of the Nepal Economic Association or a senior member designated by him, the President of the Confederation of Nepalese Industries or a senior official designated by him, the President, the President of the Nepal Chamber of Commerce or a senior official designated by him, the President of the Federation of Nepalese Chambers of Commerce and Industry or a senior official designated by him, and the President of the Federation of Nepalese Cottage and Small Industries or a senior official designated by him.
