Finance Minister Swarnim Wagle has said that the government's priority is the country's long-term economic interests and far-reaching policy formulation rather than the short-term fluctuations of the stock market.

Addressing the House of Representatives meeting on Friday, Finance Minister Wagle clarified that the government has set a goal of economic reform through stable and result-oriented policies. Adding context to the fact that it has been two months since the formation of the new government, Finance Minister Wagle said that the current government has placed special emphasis on creating an entrepreneurial environment in the country and encouraging honest taxpayers. Describing businessmen as fellow travelers of the government, he stated that the main objective of the budget is to promote entrepreneurs who honestly pay taxes to the state and believe in fair competition.

Discussing the challenges in the tax system, Finance Minister Wagle argued that high tax rates discourage investment. He said that it would be difficult to attract foreign investment in a country with a high marginal income tax of 39.5 percent.

‘We are not looking at whether the stock market index will go up or down in an hour, we are working on far-reaching policies that will have an impact for centuries. If we are going to levy taxes like Norway, the public services provided to the citizens should also be of the same standard. It is not practical to impose high taxes when the quality of education, health, transportation and infrastructure cannot be ensured. At present, even those who have the ability to pay taxes are fleeing the system. Timely adjustments to the tax rate will attract investors and strengthen the revenue base,’ he said.