Govt collects revenue nearly 6 billion more than the target
KATHMANDU: The government has become successful in collecting six billion more revenue than the target notwithstanding the drawn-out undeclared border blockade imposed by India and the devastating earthquake.
According to the Ministry of Finance, the government collected around Rs 481 billion in revenue on Friday, the last day of the Fiscal Year 2015/16. The sum of Rs 422 billion was collected from tax and revenue and more than 58 billion towards the non-tax revenue.
The Ministry of Finance succeeded in collecting revenue exceeding the target busting doubts that the target might be missed due to the hurdles in revenue collection in the wake of the obstruction for more than six months at the main customs point as a result of India's undeclared border blockade on Nepal immediately after the promulgation of the new constitution.
The government had set the target to collect Rs 475.01 billion in revenue by the end of the Fiscal Year 2015/16. It is stated that the revenue collection exceeded the target as works were carried out as per the alternative special action plan on collection of tax and revenue that was formulated under the leadership of Finance Minister Bishnu Prasad Poudel in December 2015.
The budget statement for the Fiscal Year 2016/17 announced on May 28 put the revised estimate of revenue at 96.8 per cent of the target or at Rs 460 billion.
The Chief of the Revenue Administration Division of the Ministry of Finance Laxman Aryal said the government was successful in collecting revenue according to the target thanks to the broadening of revenue base, recovery of arrears, check on tax and revenue evasion, reform in tax administration and the stringent measures adopted at customs points.
The government has the target of collecting Rs 565.89 billion revenue in the current fiscal year.