The policy's record (the honest review — the exam's paragraph): The liberalisation's turn (the 1990s) — the VAT's adoption as the modernisation's centrepiece; the tax administration's rebuilding; The federalism's redesign (2072-) — the three-level budgets; the revenue sharing; the NNRFC's machinery; The present aims — the tax-GDP ratio's lift (the low ratio's chronic critique); the taxpayer- registration and digitalisation drives (the e-filing, the e-invoicing); The expenditure's faces — the recurrent's weight (the salary-and-debt-service burden); the capital's aspiration (the infrastructure's build); The deficits-and-debt — the domestic borrowing's rise; the sustainability's watch; the guarantee-contingent liabilities; The federal-transfer dependence — the provinces'-locals' own-revenue weakness (the equalisation's burden); The reform agenda — the tax-amnesty cycles' debate (the equity's cost); the mid-term- expenditure discipline; the PFM modernisation (the FMIS's line).
Exam Focus Long questions: (i) The meaning of public finance and fiscal law — the four branches + the nature's four faces + the fiscal power's limitations; (ii) The history of fiscal legislation (the Act-years as the stations — 2052, 2058, 2074 as the anchors); (iii) Nepal's fiscal policy — the review's seven heads. Short questions: the fiscal power; the annuality rule; the tax-GDP ratio; the divisible pool. Trick areas: (i) Fiscal law is the FRAME (the constitution, the procedure, the audit) — the tax statutes' technical detail lives in Taxation Law (LAW 309); answer this paper's questions at the fiscal-law level; (ii) The Finance Act is ANNUAL, the tax Acts are PERMANENT — the two-layer reading (LAW 309's doctrine) belongs to this course's foundation too.