PART 19 - Local Financial Procedure
By Nepalko
on April 09, 2017
- (228) No tax to be levied or loan to be raised:
- No tax shall be levied and collected except in accordance with law.
- The local level shall impose tax in areas within its jurisdiction, without causing any adverse impact on the national economic policy, transportation of goods, services, capital and labour, and on neighboring Province or local levels.
- (229) Local Consolidated Fund:
- There shall be a Local Consolidated Fund in every Village Council and Municipality under the local level. All revenues received by the local Village Council or Municipality, grants and loans received from the Government of Nepal and the Provincial Government and any amount received from other sources shall be deposited in such Fund.
- Provision relating to expenditures from the Local Consolidated Fund, pursuant to Clause (1), shall be as provided for in the local law.
- (230) Estimate of Revenue and Expenditure of Village Council and Municipality:
- The Village Executive and Municipal Executive shall, with respect to every fiscal year, present before the Village Assembly or Municipal Assembly annual estimates of revenues and expenditure, and have it passed.
- If the Village Executive and Municipal Executive have to develop a deficit budget while presenting a budget under clause (1), they shall, pursuant to Federal law and Provincial law, also propose sources to fulfill the deficit.