Kathmandu, August 17th. To improve the country's economy, the Ministry of Finance is going to form a high-level economic reform suggestion commission. Under the action plan of the tasks to be carried out within 100 days of the formation of the government, the ministry has said that it is going to form such a commission to identify the areas of economic reform and to identify the policy and legal path for the reform of the economy.
Within 100 days, the ministry is going to formulate and implement the procedure for maintaining frugality in public expenditure 2081 to make public expenditure frugal. In the meantime, to promote digital transactions, the ministry plans to refund 10 percent value added tax on the payment of purchases made by consumers through digital means. The Ministry has also announced a plan to formulate the Budget Transfer Procedure, 2081 to make the budget transfer systematic and effective.
Under the 30 action plans released by the ministry in 100 days, there is an action plan of the ministry to prepare the second financial sector development strategy, draft the new insurance regulation 2081 and submit it to the council of ministers, and submit the regulation 2081 on the issue of securities and transactions of small and medium-sized organizations to the council of ministers.
The Ministry is preparing to start implementing the Internal Revenue Mobilization Strategy 2081 to expand the sustainable tax base for mobilizing internal revenue.
Similarly, in order to promote trade based on real transaction value, the ministry is going to prepare and implement a strategy to make customs valuation based on transaction value. Likewise, the ministry has said that the plan to formulate the Customs Tariff Regulations, 2081 for the effective implementation of the Customs Tariff Act will be completed within 100 days.
Another plan of the ministry is to formulate a policy related to credit and investment in public institutions and submit it to the Council of Ministers. The ministry has also included in the action plan the work of policy reforms to formulate internal debt issuance and management procedures, to submit the Economic Procedures and Financial Responsibility Act, 2076 amendment bill to the federal parliament, to amend the budget drafting directive, 2075, to amend the operational guidelines, 2077.
The ministry plans to establish a commercial bank branch in Saipal rural municipality of Bajhang, start luggage and vehicle scanner machines at Tatopani customs office, and start lab modules at Birgunj, Bhairahawa and Nepalgunj customs offices. In the meantime, the ministry plans to start a system to inform the exporters and importers of the main stages of the customs declaration through SMS or email.
Dematerialization of Citizen Savings Certificates and Foreign Employment Savings Certificates, Internal Control System Directive, 2081 will be submitted to the Council of Ministers. The Ministry has also stated that the source agreement from the Ministry of Finance for multi-year contracts, the contracts imposed by the relevant ministries/agencies and the details of the outstanding obligations to be paid will be determined.
Similarly, the ministry is in the action plan to determine and pay the legally created obligations in the last year, to formulate and implement transfer pricing guidelines, 2081. The ministry is preparing to link the transactions of two hundred more taxpayers with an annual turnover of more than 250 million rupees to the central invoice monitoring system.
In order to control leakages, on-site inspection and monitoring of industrial establishments producing alcohol, beer, cigarettes, tobacco products, energy drinks and juice and submitting reports, forming and deploying rapid patrol teams to control revenue leakages, developing development assistance policy, 2081. New Butwal substation transmission line construction contract to the border of India, New Damauli substation, New Butwal substation transmission line construction contract is also included in the action plan.
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