Revenue collection sees 21pc growth

KATHMANDU, JAN 16: 

The government achieved a growth of around 21 per cent in revenue collection in the first half of the current fiscal year. 

Based on preliminary data, it is estimated that the government collected around Rs 136 billion revenue against a target of Rs 134 billion in the first half of the current fiscal year, said joint secretary at the finance ministry Rajan Khanal. “The actual figures could be higher since the government is yet to collect the data for the sixth month, that is, from mid-December to mid-January.”

A collection that is more than the target by approximately Rs three billion is a satisfactory growth rate, he said, adding that the collection of income tax has increased significantly, which is a good sign for domestic revenue mobilisation.

Khanal said that collection of customs duty also helped the government achieve its revenue target. “The value of the US dollar remained high, resulting in attractive revenue collection from the import of goods,” he said, adding that overall import of goods has also increased this year.

Collection of excise, according to him, is still poor as compared to other headings of revenue. The ministry will study on how the mobilisation of excise can be improved in the future, he informed. 

Meanwhile, finance secretary Shanta Raj Subedi today directed concerned officials to prepare plans for the coming months keeping revenue leakage control in mind. “It is very necessary to prepare a result oriented plan to control revenue leakage,” he said in a programme organised at the ministry today.

He also asked officials at the ministry to adopt austerity measures in current and capital expenditure. The ministry should ensure optimum result from minimum resources, he opined.

Subedi also directed concerned officials to prepare agendas of the ministry to be incorporated in the coming three-year national plan and review the half-yearly activities of concerned departments and divisions under the ministry. In the meeting, joint secretary at the ministry Krishna Prasad Devkota asked all concerned officials to submit plans for the coming months on time.