HoR endorses three bills

Kathmandu - A meeting of the House of Representatives (HoR) today endorsed three bills: Economic Bill, Bill to Raise National Debt-2077 BS and Loan and Guarantee (24th amendment) by a majority of votes. Speaker Agni Prasad Sapkota presented the bills in the session for decisions.

Prior to this, Finance Minister Dr Yuba Raj Khatiwada proposed to endorse the bills. The amendment proposals for 'Loan and Guarantee Bill' put forth by lawmakers Prem Suwal and Dr Minendra Rijal were refused by the meeting. Likewise, Suwal and Dibya Raj Bhandari also registered the amendment proposals in regard with the 'Economic Bill' and again Suwal and Dr Rijal sought amendment to the 'Bill to Raise National Debt'.

Demanding for the abolition of customs duty on electric vehicles, they questioned the government to justify its decision to impose additional tax on petrol and diesel. In response to their queries, Finance Minister Dr Khatiwada said customs rates are guided by the principles of international trade.

''The rate of income tax has been determined on the basis of economic principle and system, the state of revenue is in a troubled point and revenue collection is not able to meet daily expenditures,'' he said, urging for unity ahead. As he said, there will be no problem in achieving foreign assistance and grants as the government had received commitments from donors during the budget formulation process.