Minister for Finance presents Budget Bill in the National Council

June 28, 2012

The Honorable Minister for Finance presented the National Budget & Appropriation Bill for the Financial Year 2012-2013 in the National Council, today. In his presentation, he said that the budget had been prepared keeping in mind the resources available, keeping fiscal deficits within reasonable limits and considering the shortage of Indian Rupee in the economy. He reported that the total resources for the Financial Year 2012-2013 was projected at Nu. 31,891.042? million comprising of domestic revenue of Nu. 21,157.457 million and external grant of Nu. 10,691 million.

He also presented the Operational Resources of the Budget for the Financial Year 2010-2011, Supplementary Budget Appropriation Bill for the Financial Year 2011-2012 and Tax Revision Bill 2012. Introducing the Tax Revision Bill, he said that a green tax of 40% for the luxurious vehicle with engine capacities of 1,800 cc and above was proposed to control import of vehicles in the country. To control the outflow and the overall import volume, a green tax of 5% was proposed for levy on petrol, diesel, lubricants, kerosene and LPG. A 10% levy was proposed for refrigerators, freezers and air conditioners for the sake of the environment and economy. Other taxes included excise duty and sales tax on alcohol and tax revision on other items like silk fabric, furniture and power chainsaw to reduce demand for imports and thus help control the foreign exchange outflows.? ?

After the presentation, the House deliberated and endorsed the Operational Resources of the Budget for the Financial Year 2010-11 and Supplementary Budget Appropriation Bill for the Financial Year 2011-12. The National Council will continue deliberations on the Tax Revision Bill and Budget Estimates for the Financial Year 2012-13 on 2^nd July 2012.

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Source: http://bt.nykom.com/2012/06/28/minister-for-finance-presents-budget-bill-in-the-national-council/

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