Finance Minister to present budget for the fiscal year 2075/76 today|| Business Partner Nepal.

Speech by Finance Minister: Dr.Yubaraj  Khatiwada

Time: Today at 4:00 PM.

The budget for the next fiscal year 2075/76 is set to be presented today. Every year various speculations are made before the unveiling of the budget. Finance Minister Dr Yubaraj Khatiwada has planned a budget worth Rs 15 kharba for the upcoming fiscal year.

in the regular scenario, the revenue growth rate of our country is 20%, whereas, Dr. Khatiwada has expected the revenue growth rate at 30% and expected to collect 9.50 kharba. Similarly, the government has also expected to generate Rs 3.50 kharba from Foreign loans and donations. The remaining amount of Rs 2 kharba has been planned to be saved from the current fiscal year’s budget.

Dr. Khatiwada was blamed for the continuous slide of the stock market which had started after the formation of new government. As per the sources, he might be addressing the situation of the stock market in today’s speech as well. The government is expected to include the private sectors in the stock market compulsorily, for which various policies are supposed to be unveiled.

In case of the taxes, the income tax slab are to be extended to 3 slabs from the current 2 slabs with interest rates of 10%, 15% and 25%. Similarly, the tax rate for the hazardous goods and luxury items will be increased as usual along with the increase in custom tax rate for both Two-wheelers as well as Four-wheelers. Apart from these, the real estate registration fee is also supposed to be increased and as per the sources, the government has made plans to stop a single land being sold twice in a single year.

After the country being divided into federal provinces, the majority of the public had speculated about the dual tax system i.e tax paid to province government as well as to the central government. But the budget will be showing the centralized collection of taxes.

The budget for the FY 2075/76 will mainly be focusing in the infrastructural developments and big projects. The construction of various highways, fast tracks have been the focus of the budget. Along with these, the government has also plans of construction of railways to connect with both the neighbouring countries i.e China and India.. Similarly, the government will keep the construction of Railways, Drinking water, Big Hydropower Projects etc in the priority list of the budget.

The election manifesto of the current government had stated to make the old age allowance of Rs 5,000 but it does not fall under the next fiscal year’s budget. The government is likely to provide social security allowance. The salary of the government staffs will also increase as Civil Act has stated about the increment in the salary every two years. But the government might also provide insurance facility to the staffs instead of the increment.

The budget for the fiscal year 2075/76 is the first budget of the country after being divided into federal states. So many new changes can be expected from the budget. The correct figures, as well as the actual plans of the budget, will be known after the budget is unveiled today at 4:00 PM.