Govt Increases Tax Net   

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 Govt Increases Tax Net   

February 28: The government has decided to impose additional tax on infrastructure development.    
The tax on infrastructure development was introduced by the then finance minister Bishnu Poudel in 2073/74, according to the state-owned national news agency – Rastriya Samachar Samiti (RSS).

This tax was utilized on the Budhigandaki Hydropower Project, one of the national pride projects of Nepal.    
A total of Rs 41 billion has been raised so far with the tax of Rs 5 per liter on petroleum products at customs points. The amount has been used for compensation to the land acquired for the project.    
With the revision, the government has increased the tax on infrastructure development to Rs 10 per litre on petrol and diesel. The decision to this effect was taken by the Council of Ministers on Monday.    
 Sharing information about the cabinet decisions at a press meet on Thursday, Finance Minister Yuba Raj Khatiwada, who is also the government spokesperson, said the infrastructure development tax will now on be imposed on aviation fuel as well.    
According to him, Nepal Rastra Bank would get a new governor in third week of March.    
In response to a question whether he would remain as National Assembly member, Khatiwada requested everyone to have patience till March 4, the day to conduct the swearing-in ceremony of new members of the upper house.    

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