KMC overshoots internal revenue target
KATHMANDU: The Kathmandu Metropolitan City (KMC) overshot its internal revenue generation target by a large margin after raising the due amounts pending for too long.
The KMC collected Rs 321 million more than the set target. It had earlier set its eyes on collecting Rs 1.46 billion in the fiscal year 2016/17, but went on to collect Rs 1.87 million.
All of the due money was raised this year as compared to the preceding fiscal year, which has bloated the internal profit of the municipal office, according to KMC's Revenue Division Chief Dhurab Kafle.
He said the National Trading paid up Rs 100 million in dues while the Trade Tower, Hotel Everest among other big hotels and businesses were brought within the jurisdiction of tax.
Among the topics of the internal income, KMC raised Rs 77.3 million in advert tax, which is more than the set goal and the highest.
On September 2, 2015, the Supreme Court ruled in favour of removing the advertising boards and pamphlets from the public places and roads which helped the KMC in initiating action and bringing all with the canopy of advert tax.
The KMC last year earned Rs 1.89 billion in external profit. The external profit constitutes of Nepal Government's grants and support from foreign cities as well.