The budget is not distribution-oriented but production-oriented: Finance Minister

Finance Minister Barshaman Pun has stated that the upcoming fiscal budget is focused on production rather than distribution. Addressing the National Assembly on Tuesday, he responded to queries raised during the discussion on the revenue and expenditure for the upcoming fiscal year. He highlighted that the budget aims to institutionalize the achievements of past economic reforms and is designed considering the country's evolving needs within the global economic system.

The Finance Minister emphasized that the budget aims to create production and employment opportunities. He expressed confidence that the budget would effectively coordinate efforts to achieve the targeted revenue collection. Minister Pun introduced a new green tax and mentioned that the country is focusing on solar and renewable energy. Additionally, he announced the removal of value-added tax (VAT) on domestic production of potatoes, onions, and apples to protect local farmers.

Key Points of the Budget

Production-Oriented Budget

- Goal: To create production and employment opportunities.

- Objective: To institutionalize the achievements of past economic reforms.

- Perspective: To address the country’s needs in the changing global economic landscape.

Tax System

- New Tax: Introduction of a green tax.

- VAT Exemption: Removal of VAT on domestically produced potatoes, onions, and apples to protect local production.

Coordinated Role

- Objective: To successfully achieve the targeted revenue collection.

- Approach: The budget will play a coordinating role in achieving economic goals.

Minister Pun asserted that the budget has been formulated with a production-oriented and coordinated approach to bring about improvements in the country's economic conditions. This approach is expected to significantly contribute to economic growth and job creation, thereby positively impacting the nation's economic development.