The government will not ask for income source on investment made on infrastructure projects of national importance and manufacturing industries employing over 300 workers and using over 50 percent of domestic raw materials for two years.
“Income source will not be asked for investment on infrastructure projects of national importance like hydropower, international airports, tunnel ways and highways, railways, and manufacturing industries employing over 300 workers and using over 50 percent of domestic raw materials (excluding tobacco products, beer and liquors) until the end of 2076 BS ending in mid-April 2020,” the Finance Bill that has been brought along with the budget for the fiscal year 2075/76 on Tuesday reads.
The government had made similar announcement 10 years back when Baburam Bhattarai was finance minister stating that income source will not be asked while investing in hydropower and other projects of national importance under voluntary income tax declaration. “But nobody came forward to invest with such money,” the then finance secretary Rameshwore Khanal said. “The announcement was limited to budget only.”
Khanal opined that the announcement may have been made this time to appease the businessmen who put pressure on the finance minister to include such schemes from time to time. “There must be an investigation if someone complains that the investor earned the money through criminal activities even if the government does not ask for income source at the time of investment. This is more of a cosmetic announcement than one for implementation,” he reasoned.