Budget of Nepal Major Announcement

Nepal Budget 2075 2076 Highlights | Major Announcement in Budget of Nepal for Fiscal Year 2018/2019

On May 29th, 2018, the Finance Minister of Nepal, presented the Budget of Nepal Government for the Fiscal Year 2075/2076. The budget presented by Yuvraj Khatiwada was the first Federal Budget of Nepal. Being a citizen of Nepal, you must be having curiosity regarding major announcement in Budget of Nepal for fiscal year 2075/2076. Like every year, major media broadcasted the budget speech live. However, it wasn’t practical for everyone to listen to it. Understanding, such inconvenience of many Nepalese, we, the ListNepal team, thought of summarizing the main highlights from the Nepal Budget FY 2018/2019. Hence, the Nepal Budget 2075 2076 Highlights are as listed below.

The First Federal Budget of Nepal FY 2075/2076 Summary in English

  • Total Budget Allocated Amount: Rs. 1.315 Trillion
    • Sector Wise Budget Allocation Amount
      • Education, Science and Technology: Rs. 134 Billion
      • Transportation Infrastructures: Rs. 109 Billion
      • Energy: Rs. 83.89 Billion
      • Health: Rs. 56.41 Billion
      • Agriculture: Rs. 33.71 Billion
      • Conservation and Management of Water Resources: Rs. 24.5 Billion
      • Aviation Sector: 19.35Billion
      • Forest and Environment: Rs. 16.58 Billion
      • Tourism: Rs. 5.20 Billion
      • Sports: Rs. 2.4 Billion
  • Foreign Grants/Loan: Rs. 311.85 Billion (58Billions+253Billions)
  • Revenue Collection Target: Rs. 831 Billion
  • Projected Economic Growth: 8% (is being criticized for being over-ambitious)
  • Nation Wide Health Insurance of Rs. 1 Lakh for Senior Citizens (Over 70 years)
  • Provisions for the availability of air-ambulance in inaccessible places for emergency delivery of pregnant women.
  • The government to waive off Loan taken by farmers from Sana Kishan Co-operative
  • Construction of Helipad at all local levels
  • Loan up to 7 Lakhs at the interest rate of 5% to be sanctioned to the young entrepreneurs against their academic certificate
  • Construction of an international standard stadium in all seven provinces
  • Smart Toilet with modern facilities to be built in public places
  • Naubise-Naaghdhungha Tunnel construction to be initiated this fiscal year
  • Budget Allocated for the Construction of Federal Parliament Building
  • Land Ownership Record Keeping to be made digital within 2 years
  • Buying and Selling of Land to be done only after approval of Government
  • No changes in Senior Citizen Allowances
  • No changes in the salary of Civil servants. However, Yearly dress expenses have been increased to 10,000 from 7,000 for all civil servants.
  • Government to upgrade Petroleum Storage Capacity
  • At least one Fair Price Shop in all local levels
  • Construction of 7 tunnels (Naghdhunga- Naubise, Tokha-Chahare-Gurja Bhanjyang, Khurkot-Chiyabari, Siddhababa, BP Nagar-Khutiya-Dipayal, Thankot-Chitlang, Koteshwor-Jadibuti)
  • Foreign Employed Nepali citizens are allowed to carry raw 100gm Gold with them while coming back to the country
  • 3000 MegaWatt Electricity Generation project to be opened for public investment
  • Establishment of Natural Zoo in the possible Tourist destination
  • Provision for at least one Oldage Homes in all 7 provinces
  • Establishment of at least one Industrial Area in each province
  • A budget for Model Agriculture Farm in all provinces
  • Technical training and education at all local levels
  • VAT refund policy for mobile phone importers has been withdrawn
  • Tax Hiking on Cars above 1100cc and motorcycles above 150cc
  • VAT on alcohol and tobacco items to be increased

Related Post: New Income Tax Rate In Nepal 2075-2076 – For Individuals And Couples

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