June 21: The House of Representatives (HoR) meeting on Monday passed the ‘Financial Bill, 2079’ with majority votes. The bill was proposed for approval from the lower house by Finance Minister Janardan Sharma.  

Lawmakers during the House meeting had stressed on the need to reforms the existing tax system. They argued that that the taxpayers were facing additional burden as the ambit of tax remained unchanged.    
Taking part in the deliberations, lawmakers argued that income tax rate in Nepal was higher compared to neighbouring countries including India and Pakistan.    
They also drew the government’s attention to higher tax on import of e-vehicles, terming it a contradictory move at a time when discussions were underway to increase power consumption.    
Lawmakers Bharat Shah, Metmani Chaudhary, Prakash Snehi, Dibya Mani Rajbhandari, Gajendra Bahadur Mahat, Gokul Banskota and others took part in the deliberation.    
Meanwhile, Finance Minister Sharma said that mega industries are given subsidy on power tariffs so as to reduce trade deficit.    
Saying that some tax rates have been revised and subsidy is also given, the Finance Minister informed the House that tax rates on import of beetle nuts and peas have been increased to control smuggling.    
Likewise, taxes have been raised on goods that are hazardous to human health and also on luxury goods, according to the finance minister.    
Tax rates on steel and iron has not been changed by targeting any of the industrial group, Minister Sharma shared. He claimed that the budget was unveiled by keeping the interests of farmers, poor people, working class people and entrepreneurs at the centre. -- RSS