KATHMANDU, May 18, 2012
The government has mobilized Rs 190.08 billion in revenue over the first ten months of 2011/12, posting a growth of 19.6 percent in the same period last year.
As the revenue growth targeted for the fiscal year is 20 percent, the collection is short of the target. “But we are optimistic about attaining the annual target, which is about Rs 242 billion, as the rate of collections that had slid through mid-January till mid-March has gone up now,” said Finance Secretary Krishna Hari Baskota.
The revenue collection at the end of six months, that is, by mid-January 2012, had touched Rs 111.03 billion, recording an increase of 21.6 percent over the revenue collected in the same period last year.
But the growth trend had suddenly nosedived to 17.4 percent by the end of the eighth month (that is, mid-March). In the ninth month, collections had grown by 18.1 percent and performance has further improved at the end of mid-May.
The breakdown of collections from different sources shows VAT contributed more than 31 percent in the total revenue collected so far. Collections from VAT over the first 10 months of 2011/12 stood at Rs 59.40 billion.
Income Tax was the second biggest contributor and generated Rs 39.35 billion during the period.
Likewise, collections from customs duty totaled at Rs 33.81 billion, while excise duty generated Rs 23.97 billion in revenue during the period. Collections from registration fee and vehicles tax remained less than target and stood at Rs 3.09 billion and Rs 3.18 billion respectively.
Likewise, non-tax sources, generated only around Rs 27.28 billion in revenue.
Source: Republica
The government has mobilized Rs 190.08 billion in revenue over the first ten months of 2011/12, posting a growth of 19.6 percent in the same period last year.
As the revenue growth targeted for the fiscal year is 20 percent, the collection is short of the target. “But we are optimistic about attaining the annual target, which is about Rs 242 billion, as the rate of collections that had slid through mid-January till mid-March has gone up now,” said Finance Secretary Krishna Hari Baskota.
The revenue collection at the end of six months, that is, by mid-January 2012, had touched Rs 111.03 billion, recording an increase of 21.6 percent over the revenue collected in the same period last year.
But the growth trend had suddenly nosedived to 17.4 percent by the end of the eighth month (that is, mid-March). In the ninth month, collections had grown by 18.1 percent and performance has further improved at the end of mid-May.
The breakdown of collections from different sources shows VAT contributed more than 31 percent in the total revenue collected so far. Collections from VAT over the first 10 months of 2011/12 stood at Rs 59.40 billion.
Income Tax was the second biggest contributor and generated Rs 39.35 billion during the period.
Likewise, collections from customs duty totaled at Rs 33.81 billion, while excise duty generated Rs 23.97 billion in revenue during the period. Collections from registration fee and vehicles tax remained less than target and stood at Rs 3.09 billion and Rs 3.18 billion respectively.
Likewise, non-tax sources, generated only around Rs 27.28 billion in revenue.
Source: Republica
1 comment:
We need more NON-TAX sources of revenue for Government than from tax and vats. foreign trade should be given top priority as well as tourism sector earning high should be well taxed.
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