FM floats new ideas to meet revenue target
KATHMANDU, April 29:
Alarmed by revenue collection falling short of target, Finance Ministry is working on new ideas to meet the revenue target for the current fiscal year.
The ministry has asked all the chiefs of customs offices to ease the import of goods whose customs duty is high, revenue secretary Krishna Hari Banskota said. Motor, cement, petroleum products and clinker along with other items fall in this category. There are 31 main customs offices and 143 sub-customs offices in the country.
“The ministry will also ask firms and banks to clear their dues at the earliest,” Banskota said. “If they fail to pay up within given time, they will be black-listed,” he said.
All the customs offices in the country will hold auctions for all confiscated goods, according to the ministry. Finance Ministry has also directed to bring under the tax net all the vehicles imported under the customs duty exemption. “If the period of customs duty exemption is over, customs offices will bring them under tax net by using police force,” Banskota said.
The ministry has also directed all customs and sub-customs offices to remain open and work hard to meet the revenue target. “All the customs and sub-customs offices should remain open to help meet the revenue target,” he said.
Similarly, the finance ministry is also tightening all the public enterprises to clear their loan. “The ministry can meet the revenue target if all public enterprises pay their dues which has already crossed the deadline,” revenue secretary said.
The ministry has also directed all customs offices to carry out necessary preparations so that more import can be made within the remaining three months of the current fiscal year. “Laboratory test and other hurdles should be ended at the earliest to expedite the import,” he said.
The government has set a 20 per cent growth target for revenue collection for the current fiscal year. But the growth rate is limited to 15 per cent during the nine months of the fiscal year. The government has to increase its growth rate to 33 per cent for the remaining three months to meet its revenue target.
Source: THT
Alarmed by revenue collection falling short of target, Finance Ministry is working on new ideas to meet the revenue target for the current fiscal year.
The ministry has asked all the chiefs of customs offices to ease the import of goods whose customs duty is high, revenue secretary Krishna Hari Banskota said. Motor, cement, petroleum products and clinker along with other items fall in this category. There are 31 main customs offices and 143 sub-customs offices in the country.
“The ministry will also ask firms and banks to clear their dues at the earliest,” Banskota said. “If they fail to pay up within given time, they will be black-listed,” he said.
All the customs offices in the country will hold auctions for all confiscated goods, according to the ministry. Finance Ministry has also directed to bring under the tax net all the vehicles imported under the customs duty exemption. “If the period of customs duty exemption is over, customs offices will bring them under tax net by using police force,” Banskota said.
The ministry has also directed all customs and sub-customs offices to remain open and work hard to meet the revenue target. “All the customs and sub-customs offices should remain open to help meet the revenue target,” he said.
Similarly, the finance ministry is also tightening all the public enterprises to clear their loan. “The ministry can meet the revenue target if all public enterprises pay their dues which has already crossed the deadline,” revenue secretary said.
The ministry has also directed all customs offices to carry out necessary preparations so that more import can be made within the remaining three months of the current fiscal year. “Laboratory test and other hurdles should be ended at the earliest to expedite the import,” he said.
The government has set a 20 per cent growth target for revenue collection for the current fiscal year. But the growth rate is limited to 15 per cent during the nine months of the fiscal year. The government has to increase its growth rate to 33 per cent for the remaining three months to meet its revenue target.
Source: THT
