Presenting the budget before a joint session of the Federal Parliament on Friday, Finance Minister Dr. Swarnim Wagle revealed that the existing 11 levels of customs rates will be streamlined down to just seven.
According to the Finance Minister, this consolidation aims to foster a simple, transparent, and business-friendly tax ecosystem. Dr. Wagle emphasized a philosophical shift in revenue collection, stating that the government views taxpayers as vital partners in national development rather than subjects to be penalized.
In tandem with the customs simplification, the budget delivers a massive boost to the private sector by abolishing excise duties on 360 different items. This double-pronged approach is highly anticipated to provide substantial relief across the industrial, trade, and consumer sectors.
"Converting existing challenges into opportunities is the main objective of this budget," Dr. Wagle stated, adding that Nepal has officially entered a decisive phase of comprehensive economic reforms.
