Govt well positioned to meet set revenue target

The government has on Thursday said that it is well positioned to meet the revenue target set for the current fiscal year (FY).

“For the FY 2008-09, the government aims to collect revenue to the tune of Rs 141.7 billion. Since we have already been able to increase revenue collection by 35.5 percent between mid-October to mid-November, we can achieve the set target,” reports quoted Krishna Hari Baskota, Revenue Secretary at the Ministry of Finance (MoF), as saying.

According to Baskota, the total amount of revenue collected in the first four months of the FY 2008/09 stands at Rs 32.97 billion.

With an aim to broaden its tax net, the government has also come up the provision of tax on educational institutes. Similarly, in its bid to further stimulate the revenue collection, the government has set mid-December as the last date for Voluntary Disclosure of Income (VDI). It has also already announced it would take harsh measures against those who failed to pay taxes under the VDI scheme.

Baskota also related that as per a carrot-and-stick approach, the government would duly reward those employees who collect higher taxes. nepalnews.com nd Nov 21 08

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