Nepal’s finance minister, Yubaraj Khatiwada has said that the government will control disorganised and frivolous imports, especially those related to the import of luxury goods, through the upcoming 2019-20 budget.
Addressing a pre-budgetary discussion organised by the Management Association of Nepal, Minister Khatiwada said that the government no longer wishes to allow the rampant import of goods just to achieve its revenue target.
“We are committed to meeting the revenue target for this fiscal and it will be met. However, the government will not make haphazard imports the means to meet revenue goals. Import of luxury items must be controlled,” he stated.
Meanwhile, Khatiwada mentioned that it is necessary to enhance domestic production and boost exports while limiting imports in a bid to narrow down the trade deficit. “Similarly, the budget will also focus on expanding the tax administration.”
The finance minister also urged local governors to be more responsible towards maintaining budgetary discipline. “Local and provincial governments should simultaneously exercise their rights and responsibilities,” added Khatiwada.