For the first time, the government’s tax revenues have exceeded the $3 billion forecast outlined in the national budget, marking a significant milestone in the nation’s financial management. Finance Minister Professor Biman Prasad highlighted this achievement as a reflection of the positive revenue collection trend observed over the past four months.
Minister Prasad emphasized that the current success is attributed to realistic and precise budgeting practices, contrasting sharply with previous years where revenue projections were often overly optimistic. He noted, “For the first time, we are expecting to collect more revenue than what we have forecasted or budgeted for,” indicating a shift towards more responsible fiscal planning.
He further explained the critical importance of establishing achievable revenue goals, which helps to avoid the financial difficulties that have plagued past administrations. Overly ambitious projections led to escalating deficits and an increase in national debt. “In the past, revenue projections were unrealistic, which is why we found ourselves in a situation where our deficits continued to rise and debts kept increasing,” Prasad said.
Moreover, the Minister reiterated the government’s commitment to ensuring adequate funding for its operations, underscoring the need for citizens to contribute their fair share through taxes. “We expect people to pay appropriate taxes,” he stated.
This strong performance in tax revenue collection is seen as a positive sign of the government’s capability to manage the economy more efficiently, paving the way for future growth and stability.
In summary, this development not only signifies a more robust financial strategy but also a hopeful outlook for economic management in the nation, with realistic budgeting helping to foster a sustainable fiscal environment moving forward.
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