Nepali FinMin presents 12.15-bln-USD budget for next fiscal year
Xinhua,May 30, 2018 Adjust font size:
KATHMANDU, May 30 (Xinhua) -- The Nepali government has presented its annual budget of 1.315 trillion Nepali rupees (12.15 billion U.S. dollar) for the next 2018-19 fiscal year with target of achieving an economic growth of 8 percent.
Finance Minister Yubaraj Khatiwada presented the budget Tuesday at the joint session of the House of Representatives and National Assembly with outlay of one third of total budget to newly elected provincial and local governments.
The provincial and local governments have received 443 billion Nepali rupees (4.09 billion U.S. dollar), which will provide a base for lower level governments to prepare their own annual budget for the next fiscal year that begins in mid-July.
Compared to the current fiscal year's budget, the new budget is bigger by around 37 billion rupees (342 million U.S. dollars). The Nepali government which has vowed to make the next fiscal year a foundation year for economic prosperity, has prioritized employment for the youths, speedy development of social sectors and injecting capital, technology and research in the areas of agriculture, water resources and tourism.
Infrastructure developments in highway, railway, irrigation, energy and urban infrastructure, post earthquake reconstruction and good governance are other priorities of the budget.
The budget aims to create additional employment for 500,000 people in the next fiscal year. The government, which aims to develop Nepal as one of the center of international investment, has sought to encourage foreign direct investment (FDI) in export oriented sectors.
As the Himalayan country is to celebrate Visit Nepal Year 2020, promotional programs will be launched focusing on India and China, the two largest source markets for Nepal's tourism.
The budget has lowered the threshold for applying capital gain tax in land transactions, and increased excise duty on liquor and tobacco products and the vehicles - four wheelers with capacity above 1,000cc and two wheelers with capacity above 150cc. The budget also gave certain income tax wavier for the industries employing over 100 people.
Minister Khatiwada said he hoped the measures announced in the budget would bring positive social and economic transformation to the country. Enditem