SANGAM

Revenue collection shoots up

Sangam Prasain
Kathmandu, Aug. 24
In the first month of the current fiscal year 2066/067 the government revenue stood at Rs. 11.74 billion as against Rs.7.72 billion mobilised in the same period last year.
This is an increase by 52.2 per cent. Of the targeted Rs.9.78 billion, the collection exceeded by Rs. 4.02 billion, Revenue Secretary, Krishna Hari Baskota told The Rising Nepal.
According to Baskota, impressive revenue accumulation has been attributed to the improvement in the tax reform measures, leakage control and industrial and trade conducive environment.
Similarly, the positive response from the businessmen and traders towards the government tax policy and change in the attitude of employees working in the revenue departments and offices has been credited with the encouraging revenue growth, he added.
In the recent budget speech, Finance Minister Surendra Pandey, under the 22-party coalition government, proposed budget estimates of Rs. 285 billion 930 million for the fiscal year 2066/067 to implement the programme and policy of Nepal.
Out of the estimated sources of financing, Rs. 176.50 billion has been targeted to be borne from the revenue mobilisation.
Prior to the current budget, Maoist led government under the Finance Minister Dr. Baburam Bhattarai presented Rs. 236.15 billion budget for the fiscal year 2065/66, which was considered to be ambitious.
Of the total budget expenditures, the budget had set a challenging revenue target of over Rs. 140 billion, almost 31 percent higher than the previous year. However, the Voluntarily Disclosure of Income Sources (VDIS) scheme and reform in the tax administration system remained productive to meet the envisaged target.
"Following the impressive gain in the starting month, we are confident to meet the target of Rs. 176.50 billion as set by the government for this fiscal year," Baskota added.
According to him, the government has set a target to collect Rs. 19.03 billion in the month of Bhadra, Rs. 28.26 billion in Ashwin, Rs. 41.33 billion in Kartik, Rs. 54.86 billion in Mangsir and Rs.74.97 billion in the month of Poush.
Similarly, the target for the month of Magh is Rs.90.40 billion; Rs. 105.17 billion will be borne in the month of Falgun, Rs.122.81 billion in Chaitra, Rs. 137.35 billion in Baishak, Rs. 150.83 billion in Jestha and Rs.176.50 billion in the closing month.
"Morning shows the day," Baskota said, expressing the confidence that the trend of the first month of the current fiscal year would continue. "Revenue will exceed its target," he added.