KATHMANDU, May 11: The government has announced plans to integrate all economic transactions into digital platforms as part of its policy and programme for the upcoming fiscal year, aiming to promote a cashless and transparent economy.
Presenting the government’s annual policy and programme at a joint meeting of the Federal Parliament on Monday, President Ram Chandra Paudel said the government would move toward formalising a digital economy while minimising revenue leakage.
“All economic transactions will be integrated into digital platforms to establish a cashless, transparent and revenue leakage-free economy,” President Poudel said during the address.
The government has also prioritised technology-friendly revenue administration and plans to implement measures encouraging voluntary tax compliance and quicker settlement of tax disputes.
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Under the new policy, the government will review the existing tax structure with the objective of easing the financial burden on entrepreneurs and middle-class households. It also plans to expand double taxation avoidance agreements with different countries.
Scattered charges, including pollution and infrastructure-related fees, will be consolidated under a proposed “green tax” system, according to the policy document.
The government further announced plans to restructure Nepal’s capital market to align it with international standards. The restructuring will include reforms in the Securities Board of Nepal, the Nepal Stock Exchange and the clearing system.
The policy also aims to increase the participation of institutional investors, pension funds, insurance companies and mutual funds in the capital market. Investment opportunities for non-resident Nepalis will also be expanded.
In addition, the government said it would develop new financing instruments such as debt markets, infrastructure bonds and risk management tools to mobilise long-term capital for infrastructure development.
The government stated that foreign aid and loans would be focused only on high-return projects, while procedures and minimum investment thresholds for foreign investors would be simplified.
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