Govt Committed to Ensuring Safety of Private Sector: Finance Minister Khanal

Finance Minister Rameshore Prasad Khanal has said the government is fully committed to ensuring the safety and strengthening the confidence of the private sector.

Speaking at a programme orgganised by the Inland Revenue Department on the occasion of the National Tax Day 2082 on Sunday, Minister Khanal said the government is serious about restoring trust among private-sector stakeholders.

Khanal, who assumed office following the Gen Z movement, said the demonstrations reflected widespread frustration over deep-rooted anomalies in society. “The protest was not merely against the government or political parties. It was an eruption of frustration fuelled by lack of inclusion in development processes and growing unemployment among young people,” he said.

Emphasising that guaranteeing private-sector security is the government’s fundamental duty, Khanal added, “We will ensure safety for the private sector. Establishing good governance, curbing corruption, and creating an environment where citizens can live with dignity are essential pillars of security.”

According to preliminary assessments, the recent protests caused physical infrastructure damage worth approximately Rs 78 billion, with around 2,900 buildings across 55 districts affected. The government has allocated Rs 120 billion in the current fiscal year's budget for reconstruction efforts.

Khanal also said that honest businesspeople would no longer face unnecessary burdens such as full audits and underscored the need for comprehensive reforms in the tax system. A conducive business environment, he noted, is essential for boosting revenue collection.

Finance Secretary Ghanashyam Upadhyay said employment-oriented investment must be prioritised. He highlighted the importance of implementing a faceless audit system and strengthening revenue administration. “The ministry remains fully committed to addressing the concerns raised by taxpayers,” he said.

Revenue Secretary Bhupal Baral stated that meeting revenue targets requires curbing leakage, strengthening administrative capacity, improving coordination with taxpayers and adopting information technology and artificial intelligence

FNCCI President Chandra Prasad Dhakal said that although the Gen Z movement raised important issues such as good governance, transparency and corruption control, the attacks on private and commercial properties were unexpected and unacceptable. He added that despite sufficient liquidity in the market, delays in large-scale projects and the suspension of IPOs have discouraged the private sector. -- RSS