Discuss (c) tax expenditure

Objectives: taxing the stock of wealth (not its flow) — redistribution, curbing idle property concentration, and funding local services from local assets. Legal provisions: Nepal's house and land (property-type) taxation is levied under the local-level framework (the Local Government Operation Act, 2074 and municipal law) — assessed on property valuation bases the municipality maintains, payable annually by the owner, with recovery through the local revenue machinery. A wealth-tax type levy in the classic sense (aggregate net wealth) has appeared in Nepal's practice as house and land focused property taxation rather than a broad net-wealth tax — the terminology the syllabus uses maps to the property-tax family.StageHouse and land tax practiceImpositionBy the local law, on the property's assessed valueAssessmentLocal valuation rolls; taxpayer declarationsPaymentAnnual, at the municipal counter/onlineRecoveryLocal demand notices, then coercive local recovery