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´Tax collection last year better than expected´

Added At:  2010-12-23 11:13 PM

   Last Updated At: 2010-12-24 11:13 PM

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HIMALAYAN NEWS SERVICE

KATHMANDU: Last year‚ revenue collection rate was at an all-time high at 33.3 per cent‚ said Revenue Secretary Krishna Hari Baskota. It shows that the potential of revenue collection is high indeed‚ he said.

Speaking at a programme organised by National Economy Concern Society-Nepal (NECSN) with the theme ‘role of revenue mobilisation: challenges and possibilities’‚ he said. “We generated 82 per cent of the total budget last year while the government had expected only 75 per cent‚” he said.

“Value Added Tax (VAT)‚ income tax‚ customs‚ excise duty‚ and vehicle tax are major sources of revenue‚” he said.

However‚ corruption is a major bottleneck to collect revenue. Dipendra Bahadur Chhetri‚ former Governor of Nepal Rastra Bank (NRB)‚ said the promotion of entrepreneurship is the lifeline of the country’s economy.

“Government should encourage citizens to operate enterprises and it will ultimately help generate revenue‚” he said.

He suggested government to come up with clear-cut legal remedies to curb tax evaders.

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