He has said that he will provide a glimpse of good governance by introducing policy-level arrangements rather than pouring money into the upcoming budget.
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Finance Minister Swarnim Wagle has said that the current size of the economy of Rs 6.6 trillion will reach Rs 7.3/7.4 trillion in the fiscal year 2083/84.
At a program organized by the Society of Economic Journalists of Nepal (SEJON) on the eve of the budget for the upcoming fiscal year on Thursday on the topic 'Budget to Build the World: What is the Path, How?', he said that the upcoming budget will show a glimpse of good governance by bringing policy-level arrangements rather than pouring money.
He clarified that preparations are underway to review the issue of high income tax and customs rates and to bring a budget with the goal of increasing consumption by reducing the tax burden. He also said that personal income tax has reached 39 percent. 'The government does not have the traditional mindset that revenue will decrease when taxes decrease,' he said, 'There is a situation where revenue has increased even when tax rates are reduced.' He also said that foreign grants have been decreasing recently due to the government's inability to spend.
Industrialists and businessmen who have not made mistakes need not panic
Finance Minister Wagle has said in a different context that private industrialists and businessmen who have not made mistakes should not panic. ‘Those who are committing criminal activities under the guise of entrepreneurs and businessmen will not be exempted,’ he said, ‘Those who have not committed criminal acts need not panic.’
He also said that the plans and programs included in the budget based on power and access that have become sick will be removed from the budget. ‘Programs that reflect capitalism around us should be cut and a message of good governance should be given,’ he said, ‘If we had been able to see it since Magh, we could have done a major ‘surgery’ in this year’s budget. However, we are still studying it.’
He said that the National Planning Commission has given a budget ceiling of about 1.9 trillion rupees for the coming fiscal year and plans are being submitted accordingly. He also said that after the earthquake, the size of the budget has increased in proportion to the gross domestic product and it has not been possible to bring it back to normal.
‘We have been carrying many responsibilities. We continued to do that and today we are in a terrible situation,' he said.
He said that the budget for the upcoming fiscal year will focus on economic growth and employment and attract private and foreign investment. He also said that the basic needs of the middle class have been emphasized.
Former Finance Minister Rameshwa Khanal said that although the size of the budget does not have to be large, it should be a little ambitious. For that, the government should do a lot of reform work. 'In the past, the budget was focused on numbers and slogans, and there was only marginal reform and implementation work,' he said, 'The upcoming budget should be made realistic.' Former Finance Minister Khanal had made a presentation on Economic Stability and Reform: Budget Priorities and Paths.
SEJON Chairman Bhagwat Bhattarai informed about the objectives of the program, including budget preparation and implementation, and the need to keep tax policies stable for a decade. He also said that Sejan is having serious discussions on fact-based programs and policies.
