MoF unveils 100-day economic action plan

Kathmandu, August 16: The Ministry of Finance has announced a 100-day action plan designed to boost the country’s economic performance. The plan includes several major initiatives, such as establishing a High-level Economic Reform Commission to offer recommendations for improving the overall economy.

 Additionally, the ministry plans to develop a second financial sector development strategy and set up a central rapid patrol team to address and control revenue leakage.

Other key actions in the plan involve implementing the Internal Revenue Mobilization Strategy, 2024, preparing and enforcing a strategy for customs assessments based on transaction values, and formulating Customs Tariff Regulations, 2024. The plan also includes confirming and settling accounts from the previous fiscal year.

Furthermore, the action plan will initiate the refund of 10 percent VAT on digital payments for consumer purchases and work towards dematerializing citizen savings certificates and foreign employment savings certificates. It also outlines procedures for maintaining frugality in public expenditure, securing resource agreements for multi-year contracts, and ensuring that multi-year contracts and remaining obligations are confirmed.

To improve tax monitoring, transactions of over 200 taxpayers with annual turnovers exceeding 25 million rupees will be linked to the central invoice monitoring system. Additionally, luggage and vehicle scanner machines will be installed at the Tatopani Customs office, at the border with China, in Sindhupalchowk district.

Finance Ministry spokesperson Uttar Kumar Khatri emphasized that implementing these measures will enhance policy, legal frameworks, and service delivery, while also achieving better results in resource and expenditure management and the mobilization of foreign aid.