Govt repeals 4 Acts and 1 Regulations

Kathmandu. The government is repealing 4 Acts and 1 Regulations.

For this, Finance Minister Dr. Swarnim Wagle has brought a bill designed to amend and repeal some laws related to finance. Section 5 of the Act deals with revocation and defence.

There is a proposal to repeal four Acts.

(a) The Regional Development Plans (Implementation) Act, 2013

b. The Circulation of Nepali Currency Act, 2014

– The Income Stamp Duty Act, 2019

d. Revenue Leakage (Investigation and Control) Act, 2052

(e) The Institution of Financial Arbitration Act, 2055

Besides, the bill has also proposed to repeal the Revenue Leakage (Investigation and Control) Regulations-2079.

According to the proposed bill, at the time of the bill being converted into an Act and enacted, the complaints registered with the Department of Revenue Investigation (DRI) or pending prosecution even after the investigation has been completed will be transferred to other bodies

.

If such matters are related to income tax, excise duty, VAT and non-tax, it will be transferred to the Inland Revenue Department.

The matter related to smuggling or import will be transferred to the Department of Customs.

In case of an offence related to foreign exchange, it will be transferred to the investigating officer designated pursuant to Section 11A of the Foreign Exchange (Regulation) Act, 2019.

It is stated that the records of the Department of Revenue Investigation at the time of the commencement of this Act will be transferred to the respective bodies as per the decision of the Government of Nepal, Ministry of Finance.