KATHMANDU: In a striking turn of events, Nepal’s revenue collection has surged, reaching a remarkable 55 billion in the past four days, showcasing an impressive 16% average growth rate. This surge is primarily attributed to the expanding tax base.
The current fiscal year has witnessed a significant uptick, with the revenue growth rate surpassing 16%. Notably, this comes after a continuous 16-month downward trend in revenue collection until mid-August, with a positive shift observed since mid-September.
Data from the Auditor General’s Office reveals a substantial increase, with a total revenue collection of over 461 billion from mid-June (Asar) to mid-January (Poush). This marks a notable 63 billion increment compared to the previous fiscal year (2079-80). In the initial six months of the fiscal year 2079-80, revenue amounted to 398 billion, covering the period from mid-July to mid-January.
The recent surge has seen the government’s revenue account witness an impressive collection of 55.01 billion in just four days. Specifically, on January 8, revenue collection amounted to 7.60 billion rupees, followed by 17.41 billion on January 9 and 11.45 billion on January 10.
This collection boost is attributed to increased business transactions fueled by the trade activity during Kartik (October 18 to November 16). Additionally, officials from the Ministry of Finance note that a substantial income of 10 billion has been generated from Nepal Rastra Bank’s profits in the last fiscal year, contributing to the overall increased revenue collection.
To sustain this growth, taxpayers are mandated to submit their business details by January 10 to the Internal Revenue Office for internal revenue growth. Moreover, Tax Deducted at Source (TDS) must be cleared by the same date.
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