KATHMANDU: The coalition between the Nepali Congress and CPN-UML has made significant strides towards amending the Economic Bill, 2081, following their agreement on proposed changes by National Assembly member Bhagwati Neupane. The amendment targets Section 36 (6) of the bill, which currently contains provisions perceived to facilitate tax-free capital increases, potentially converting illicit funds into legitimate assets. Neupane argued that these provisions create loopholes and undermine tax integrity.
The coalition's support for Neupane's proposal signifies their joint effort to address these concerns, despite the bill having already passed the House of Representatives. Nepali Congress whip Anand Mohan Bhattarai expressed backing for the amendment, emphasizing the need for rigorous debate and amendments to protect against potential misuse of the bill's provisions.
On the other hand, concerns were raised by UML's National Assembly Whip Devendra Dahal, who highlighted issues regarding the bill's benefits primarily favoring larger investors over smaller businesses. Dahal stressed the importance of careful consideration and comprehensive discussions before finalizing any amendments.
The procedure for amending the constitution between the House of Representatives and the National Assembly is defined in Article 111 of the Constitution. The alliance between the Nepali Congress and the UML seems well-positioned to pass reforms that support their common goals of transparent and equitable economic administration, given their combined majority in both chambers.
