Govt plans to curb revenue leakage
KATHMANDU:
One day after the visiting International Monetary Fund’s (IMF) suggestion to focus on collection of VAT arrears and further improvements in tax administration, the Finance Ministry has come up with measures to control revenue leakages.
Revenue Leakages Control Committee under the ministry today decided to publish and disseminate brief directives on revenue leakages control.
Chief District Officer (CDO) from 17 districts on Nepal-India border will be mobilised more actively to control the revenue leakages, the committee said in its decision.
“A different Standard Operating Procedure (SOP) will be developed jointly by Department of Revenue Investigation and Department of Customs,” according to the directives.
Similarly, the meeting has decided to monitor the situation of revenue leakages by High Level Revenue Leakages Control Panel before Dashain festival. “The Department of Revenue Investigation will continue the mobilisation of Flying Squad to control revenue leakages,” the committee decided.
The meeting also asked Department of Customs to control under-invoicing of goods import and implement abbreviated customs declaration forms strictly. Due to huge leakages, the IMF team has suspected this fiscal year’s revenue mobilisation target could be met like the last fiscal year, when the revenue mobilisation was shortfall by over Rs 16.09 billion.
“This fiscal year too, the revenue mobilisation could not meet the target and the government should prepare contingency plan not to reduce spendings on development activities, health and education,” the Article IV mission of the International Monetary Fund concluded. The government has set target of Rs 247.7 billion for this fiscal.
Source: THT
One day after the visiting International Monetary Fund’s (IMF) suggestion to focus on collection of VAT arrears and further improvements in tax administration, the Finance Ministry has come up with measures to control revenue leakages.
Revenue Leakages Control Committee under the ministry today decided to publish and disseminate brief directives on revenue leakages control.
Chief District Officer (CDO) from 17 districts on Nepal-India border will be mobilised more actively to control the revenue leakages, the committee said in its decision.
“A different Standard Operating Procedure (SOP) will be developed jointly by Department of Revenue Investigation and Department of Customs,” according to the directives.
Similarly, the meeting has decided to monitor the situation of revenue leakages by High Level Revenue Leakages Control Panel before Dashain festival. “The Department of Revenue Investigation will continue the mobilisation of Flying Squad to control revenue leakages,” the committee decided.
The meeting also asked Department of Customs to control under-invoicing of goods import and implement abbreviated customs declaration forms strictly. Due to huge leakages, the IMF team has suspected this fiscal year’s revenue mobilisation target could be met like the last fiscal year, when the revenue mobilisation was shortfall by over Rs 16.09 billion.
“This fiscal year too, the revenue mobilisation could not meet the target and the government should prepare contingency plan not to reduce spendings on development activities, health and education,” the Article IV mission of the International Monetary Fund concluded. The government has set target of Rs 247.7 billion for this fiscal.
Source: THT
