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Nepal's Cabinet Approves FY 2026/27 Budget; Finance Minister Wagle Presents in Parliament

Photo · english.nepalnews.com

Nepal's Cabinet has officially approved the federal budget for Fiscal Year 2026/27, with Finance Minister Dr. Swarnim Wagle presenting the annual estimates to a joint session of Parliament. Dr. Wagle broke with tradition by wearing national attire and carrying the budget documents in a file made of indigenous Nepali paper, a move his secretariat stated was to promote domestic production and emphasize a simple, cost-effective presentation.

• The approved budget is designed to institute sustainable economic governance and serve as a five-year launching pad for systematic and structural economic reforms.
• Revised tax rates, approved earlier in the day, are set to come into effect from midnight Friday under Nepal’s temporary tax collection framework.
• The use of a Nepali paper file for the budget documents follows a recent trend of using locally produced materials, with former ministers having used bags made from allo fiber.
• The notified order mechanism, authorized under the Temporary Tax Collection Act of 1955, allows for immediate enforcement of tax rate changes for up to six months before parliamentary enactment.