www.lawcommission.gov.np Part-19 Local Financial Procedures 228. No Tax to be levied or Loan to be raised: (1) No tax shall be levied and collected and no loan raised in the Local Level except in accordance with law. (2) The Local Level may levy tax by making a law on matters falling within its jurisdiction without prejudice to national economic policies, carriage of goods and services, capital and labour market, and the neighbouring Province or Local Level. 229. Local Consolidated Fund: (1) There shall be a Local Consolidate Fund in each Rural Municipality and Municipality under the Local Level. All revenues received by the Rural Municipality or Municipality, any amounts of grants received from the Government of Nepal and the Provincial Government, all loans raised by the Rural Municipality and Municipality, and amounts received from other sources shall be credited to such Fund. (2) Matters relating to expenditures from the Local Consolidated Fund referred to in clause (1) shall be as provided for in a Local law. 230. Estimates of Revenues and Expenditures of Rural Municipality and Municipality: (1) The Rural Municipal Executive and the Municipal Executive shall, subject to this Constitution, lay an estimate of revenues and expenditures of every fiscal year before, and have the estimate adopted by, the Rural Municipal Assembly and the Municipal Assembly, respectively, as provided for in the Local law. (2) In case, in laying an estimate of revenues and expenditures pursuant to clause (1), the Rural Municipal Executive or Municipal Executive is required to make a deficit budget, it shall also propose the sources to meet the deficit as provided for in the federal law and provincial law. 118