HoR Approves Proposals to Consider Finance Bill and National Debt Recovery Bill, Next Meeting on June 25

The House of Representatives has approved the proposal to consider the ‘Finance Bill, 2083’. Today’s meeting of the House of Representatives unanimously approved the proposal put forward by Finance Minister Dr Swarnim Wagle.

Clarifying the issues raised by MPs in the general discussions on the proposal, Finance Minister Dr Wagle assured that the fees and taxes as provided for in the budget will be spent in the respective areas concerned.

“Since all the state’s taxes are collected into a single consolidated fund, there is no need to create separate funds for different projects and programmes,” he explained. The Finance Minister said individuals earning an annual income of 1 million rupees are given income tax exemptions and explained that tax rates are set with careful thought to build a long-term economy.

Stating that they support a liberal economy with social justice, he said this budget is based on the principle of the ‘capable giving to those who cannot manage’.

“The current government has dared to include in the budget issues that may be seen as unpleasant in the short term but will benefit the country and the people in the long run,” he said. Finance Minister Dr Wagle said that necessary arrangements have been made to marketise and modernise the electricity sector.

He also added that the government has been moving relentlessly for good governance and believed that the more formal the economy becomes, the faster its improvement will be. He clarified that there has been no budget cut in the welfare programmes introduced by previous governments in the name of the poor and minorities.

MPs Khushbu Oli, Ganesh Parajuli, Pushparaj Kandel, Ganesh Bahadur Bishwakarma, Harkraj Rai, Gangalaxmi Awal, Indira Ranamagar, Krishnahari Budhathoki, and Guru Prasad Baral participated in the discussion on the proposal and expressed their views.

The meeting also unanimously passed the proposal presented seeking consideration on the National Debt Recovery Bill, 2083.

Today’s HoR meeting passed the bill tabled by Finance Minister Dr Swarnim Wagle. Responding to queries raised by lawmakers during the discussion on the proposal, Finance Minister Dr Wagle shared that provision has been made to take loans based on existing financial capability in the budget of coming fiscal year.

Stressing that burden of loan should be compared in the proportion to the size of the economy, he mentioned that the country outstanding loan stands at Rs 3,000 billion. The Finance Minister opined, “The incumbent government brought the budget remaining within financial discipline and the budget is balanced.

We will implement the budget raising internal revenue.” Lawmakers—Aren Rai, Parashu Ram Tamang, Krishna Hari Budhathoki, Harka Raj Rai, Guru Prasad Baral, Paras Mani Gelal, Badan Kumar Bhandari, Dipak Kumar Sah (Sunsari), Hari Mohan Bhandari, Gyanu Poudyal, Surya Bahadur Tamang, put forth their view, taking part in the discussion on the proposal.

The HoR shall next meet at 11 am on June 25. (RSS)