Govt to hike public investment

KATHMANDU, NOV 18: 

Public investment should be increased for the financial stability, said finance minister Barsha Man Pun, addressing the ‘Tax Week Celebration’ campaign organised by Inland Revenue Department (IRD) here in the capital today.

“The government treasury should be strong to increase public investment,” he said, adding that the government has to expand tax base to increase investment in the developmental activities,” he added. The contribution of revenue to the Gross Domestic Product (GDP) stands at 15 per cent, currently.

The government is mulling to introduce more effective legal provisions to bring all into the tax net, according to him. “The government will compel everyone to pay their dues,” he pledged, adding that the action against fake VAT bills producers will also be accelerated.

Similarly, finance secretary Krishna Hari Baskota said that the ministry is committed to collect revenue as targeted in the government’s fiscal policy. “The country witnessed slide short fall in the revenue mobilisation during the first quarter of the current fiscal year,” he said.

The government has targeted Rs 248 billion revenue collection in the current fiscal year, according to Baskota. However, it could not meet its target for the first three months. The average increment rate should be above 20 per cent to meet the revenue target, Baskota said, adding that the revenue collection, however, has recorded an increment of 12 per cent in the first month, 14 per cent in second month and 17 per cent in third month.

On the occasion, director general at the Inland Revenue Department (IRD) Rajan Khanal said that taxpayers have rights to know the usages of their tax. “The government should spend the fund collected from revenue transparently.” Inland Revenue Department (IRD) today released different directives including Service Delivery Directives and Excise Directives and Income Tax directives. 

“The directives will help enhance professional efficiency of tax officers,” he said.

Online tax payment in offing

Inland Revenue Department (IRD) is all set to introduce online payment system for taxpayers, according to IRD DG Rajan Khanal. “IRD will reform its Information and Technology system and introduce online payment system,” he said. “The department has already started to make it a paperless office.”

Source: THT