HoR endorses three bills related to budget for upcoming fiscal year

Kathmandu: The House of Representatives endorsed Finance Bill 2022, Bill to Raise National Debt 2022, and Debt and  Bail (25th Amendment) Bill 2022 today.

The House meeting passed the bills related to the upcoming fiscal year with a majority of votes that were presented by Finance Minister Janardan Sharma.

Taking part in the deliberations, lawmakers argued that income tax in Nepal was higher compared to India and Pakistan. They also drew the government’s attention to higher tax on the import of e-vehicles, terming it a contradictory move at a time when discussions were on to increase power consumption.

Responding to the queries raised over the bill, Finance Minister Sharma said the budget for the next fiscal year was brought in a bid to strengthen the overall development of the country.

He clarified that tax was increased on luxurious goods, cigarettes, and others to expand the volume of tax collection. However, he claimed that the budget did not hamper the domestic industries and promoted price hikes for daily essentials.

He also clarified that receiving debt was necessary to meet the target of graduating Nepal in the category of Developed Courtiers. Likewise, Nepal Police and Province Police (Operation, Supervision and Coordination) (First Amendment) Bill 2022 was presented in the House meeting today.