FiM hails revenue inflow rate

KATHMANDU: The finance ministry has been able to collect Rs 353.42 million revenue on an average everyday from the start of this fiscal year.

“Till August 22, the ministry has collected Rs 13.43 billion revenue,” said finance minister Surendra Pandey here today.

The Nepali fiscal year starts from July 17. By August 22 — in 38 days — the ministry has

collected Rs 13.43 billion revenue. “In the corresponding period the last fiscal year, collection was Rs 8.90 billion,” he said adding that the increase is 51 per cent in comparison to the same period last year.

“Despite lower export of

stone and sand to India due to the new provision in the budget and and temporary halt in import of automobiles, the revenue collection is encouraging,” added Pandey.

Last fiscal year, his predecessor Dr Baburam Bhattarai

was successful in collecting a record amount of revenue but failed to launch spending on development activities. He exceeded his revenue target of Rs 147.72 billion that had been billed ambitious.

The present Madhav Kumar Nepal-led government’s ability to spend on development activities is also suspect as local bodies have not yet been formed.