4.7 Fiscal Policy of Nepal

The policy's record: the liberalisation's turn (the 1990s' reforms: the VAT's 2052 adoption (the tax- modernisation's milestone)); the federalism's redesign (the 2074-and-after machinery: the IGFA, the NRFC, the three-level budgets); the policy's present aims (the tax-GDP ratio's lift (the low ratio's chronic critique); the revenue-mobilisation drives (the IRD's taxpayer-registration-and- digitalisation campaigns)); 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 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's modernisation line).