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Finance Minister Urges Tax Officials to Win Taxpayers' Trust, Not Collect Revenue Through Fear

Finance Minister Dr. Swarnim Wagle has instructed tax officials to adopt a taxpayer-friendly approach, emphasizing voluntary tax compliance over coercion to achieve the government's Rs 1.6 trillion revenue target.

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Finance Minister Urges Tax Officials to Win Taxpayers' Trust, Not Collect Revenue Through Fear

Finance Minister Dr. Swarnim Wagle has directed tax administrators to collect revenue by building taxpayers' confidence rather than intimidating them. Addressing tax officers at the Inland Revenue Department on Thursday, he stressed that improving tax administration should make taxpayers feel that paying taxes is a fair and convenient responsibility, not a burden. He also urged officials to expand the tax base through voluntary compliance instead of coercive measures. The minister instructed the department to promptly report any shortages of manpower, infrastructure, or information technology affecting tax administration. He pledged to reward high-performing employees and called for the effective implementation of tax relief measures announced in the budget, greater taxpayer awareness, and increased digitalization of business transactions. Dr. Wagle also urged officials to strengthen efforts against money laundering to help Nepal exit the FATF grey list and clarified that career advancement would be based on performance, warning employees against using political influence for transfers.

Nepal Rastra Bank Publishes Thursday's Foreign Exchange Rates; US Dollar at Rs. 149.61

Nepal Rastra Bank (NRB) has published the official foreign exchange rates for Thursday. The buying rate of one US dollar has been fixed at Rs. 149.61 and the selling rate at Rs. 150.21. The British Pound Sterling has recorded the highest value among the major currencies listed, with a selling rate of Rs. 200.16.

Gold Price Plunges by Rs. 5,900 Per Tola on Dhanteras; Silver Also Declines

Gold and silver prices recorded a sharp decline in the Nepali market on Friday, Kartik 20, coinciding with Dhanteras. Gold fell by Rs. 5,900 per tola to Rs. 283,000, while silver dropped by Rs. 110 per tola.

Nepal's VAT Collection Exceeds Target as Consumer Reward Scheme Boosts Tax Compliance

Nepal's VAT collection exceeded its first-quarter target in FY 2083/84, reaching Rs. 41.04 billion, up 10% compared to the same period last year. The increase comes after the Inland Revenue Department introduced a consumer reward scheme encouraging people to demand bills when making purchases.

Nepal Estimates $5 Billion Needed for Reconstruction After Bhotekoshi-Trishuli Disasters

Finance Minister Dr. Swarnim Wagle has estimated that Nepal will require approximately $4.7 billion to $5 billion for reconstruction following the disasters in the Bhotekoshi and Trishuli regions. The government is preparing a phased financing plan, including financial support from India, China, the World Bank and the Asian Development Bank (ADB).

Maya Khola Hydropower's Net Profit Surges 124.52% to Rs 6.38 Crore in Q1

Maya Khola Hydropower Company Limited (MKHC) has reported a 124.52 percent increase in net profit, earning Rs 6.38 crore in the first quarter of FY 2083/84, compared to Rs 2.84 crore in the same period last year. Higher electricity sales revenue and lower interest expenses supported the company's improved profitability.

Khani Khola Hydropower Turns Profitable, Reports Rs 3.65 Crore Net Profit in Q1

Khani Khola Hydropower Company Limited (KKHC) has made a remarkable financial turnaround, reporting a net profit of Rs 3.65 crore in the first quarter of FY 2083/84, compared to a net loss of Rs 1.89 crore in the same period last year.