The government has achieved a significant milestone, with tax revenues surpassing the $3 billion projection set in the national budget for the first time. Finance Minister Professor Biman Prasad highlighted this achievement as evidence of a positive trend in revenue collection over the past four months.
Professor Prasad emphasized the importance of realistic and precise budgeting, noting that unlike previous administrations, which often set overly ambitious revenue targets, the current government has focused on attainable goals. “For the first time, we are expecting to collect more revenue than what we have forecasted or budgeted,” he stated, underlining that their forecasts are grounded in accurate assessments.
He further explained that previous unrealistic revenue projections contributed to persistent deficits and mounting debts. The Minister asserted that having achievable revenue goals is crucial for maintaining financial stability and avoiding challenges faced in the past.
In reinforcing the government’s commitment to financial management, Professor Prasad called for taxpayers to contribute fairly, stating, “We expect people to pay appropriate taxes.” He conveyed optimism regarding the government’s capacity to manage the economy better, viewing the strong revenue performance as a positive indication of future economic health.
This development offers a hopeful outlook on fiscal responsibility and economic management, inspiring confidence that the government is on a path to sustainable financial practices.
In summary, with tax revenues exceeding expectations, the government is moving towards a more stable economic future through realistic budgeting and effective financial management.
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