A Revenue Advisory Committee has been formed under the coordination of the Revenue Secretary of the Ministry of Finance, in accordance with a ministerial decision by Finance Minister Rameshwor Khanal on 12th Magh, to provide advice to the government on various issues for budget formulation.
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The government has started preparations for the budget for the upcoming fiscal year 2083/84. As per the ministerial decision of Finance Minister Rameshwor Khanal on 11th Magh, a Revenue Advisory Committee has been formed under the coordination of the Revenue Secretary of the Ministry of Finance to advise the government on various issues for budget preparation. The committee includes the Joint Secretary of the Revenue Management Division of the Ministry of Finance as the member secretary. The committee will make 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 as per the Economic Act, review of tax and non-tax rates, simplification of procedures, reform of the tax system, and reforms to be made in the overall revenue administration and organizational structure. The committee is said to make suggestions on policy and legal reforms to be made for industrial promotion and protection, commerce, import, export and foreign trade, service trade, supply management and investment promotion, procedural simplification, and tax and non-tax incentives. The Finance Ministry has said that the committee has already held its first meeting and invited suggestions from relevant bodies, private sector representative organizations, academics, stakeholders and the general public. The subcommittees under the Revenue Advisory Committee should submit their reports to the committee by mid-Chait. The Finance Ministry has said that the committee should submit its report with recommendations to the Finance Minister by mid-Baisakh. There are internal revenue subcommittees, customs subcommittees, revenue leakage control and investigation subcommittees, industry, commerce, investment and export promotion subcommittees, agriculture, energy and tourism sector subcommittees, banks, financial institutions, insurance, cooperatives and capital markets subcommittees, non-tax and intergovernmental revenue management subcommittees, macroeconomic subcommittees and money laundering prevention and investigation subcommittees.
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 field 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 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.
