Govt seeks to remove Nepal from FATF grey list: Finance minister

KATHMANDU: Finance Minister Dr Swarnim Wagle has stated that the government is making active efforts to remove Nepal from the Financial Action Task Force (FATF) 'Grey List '.

Addressing tax officers under the Inland Revenue Department (IRD) across the country from the IRD office in Lazimpat, Kathmandu, Minister Dr Wagle expressed confidence that Nepal could extricate itself from the 'Grey List' soon if the tax administration is made transparent, effective, and accountable.

The Finance Minister emphasised that the tax administration must closely scrutinise money laundering offences. He stressed the need to bring taxpayers under the tax ambit through voluntary compliance for revenue collection, rather than through forceful measures or terrorising them.

Minister Dr Wagle urged officials to speak openly regarding any shortages in human resources, infrastructure, or information technology needed to render the tax administration efficient.

He stated that employees working in tax administration who generate benefits for the state will be encouraged, adding that the budget over the next four years will establish the economic foundation the government intends to build.

Additionally, Dr Wagle instructed departmental leadership to take all necessary initiatives to implement the exemption plans outlined in the budget, ensure the success of taxpayer encouragement programmes, raise taxpayer awareness, and digitalise transactions.