Adjustments in tax rates in budget will be clarified with reasons: Minister Pun

Finance Minister Barsha Man Pun has assured to maintain transparency while determining the rate of revenues in the budget statement for the next fiscal year 2024/25.

Addressing an interaction programme on ‘revenue consultations and budget preparation’ organized by the Ministry of Finance and the Birgunj Chamber of Commerce and Industry on Sunday, he said since increasing and decreasing the tax rates through the budget statement courted controversy in the previous years, clarifications with reasons for the fluctuation in the tax rate would be included in the upcoming fiscal year’s budget statement.

Finance Minister Pun also expressed the commitment that he would not change the tax or revenue rates to benefit a particular person or industry. “We are preparing to carry out works so that there is no controversy in the tax rates this year. We will clearly determine our threshold and work accordingly,” he added.

He assured of his facilitation in establishing Birgunj as a ‘financial hub’ as demanded by the industrialists and businesspersons of Birgunj. He underscored the federal government’s support in developing Birgunj as an industrial city.

“Pokhara has been recently declared as the tourism capital of the country. The prime minister himself attended the declaration programme organized under the leadership of the local level of Pokhara and the Gandaki Province, and announced Pokhara as the tourism capital. The demand of the industrialists and businesspersons of Birgunj to declare it as a ‘financial hub’ is extremely positive. The federal government shall support if the Birgunj Metropolitan City and the Madhes Province propose the same,” the Finance Minister said.

He described Birgunj as an industrial city as well as the financial capital, stating that they would take initiatives to develop Birgunj as a special economic zone in this context.

According to him, the government will move ahead as per the desire and aspirations of the people.

Calling upon the politicians, the business community, civil society and bureaucrats to work hand in hand and contribute from their respective places for the country’s development and prosperity, he reiterated that the government shall bring forth policy for protecting the industrial sector.