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Kathmandu,Saturday January 08, 2000 Paush 24th, 2056.
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Revenue
collection starts to recover
-By a
Post Reporter
KATHMANDU, Jan 7 -
Revenue growth has started to recover and is expected to meet the
budgetary target for the first time after a couple of years.
The cumulative revenue
growth at the end of the first five months of the current fiscal year
has reached 13.2 percent. The figure was only 8.8 percent during the
end of the first four months of the current fiscal year.
The figure was even
worse in the preceding period.
Revenue mobilization
has attained a major boost in the fifth month of the current fiscal
year through robust growth in the non-tax revenue. Non-tax revenue has
grown by 128 percent while the tax revenue has grown by 16 percent.
In the fifth month
alone, revenue collection crossed over 3.31 billion rupees.
If the current trend in
revenue mobilization maintains, revenue collection is likely to attain
the budgetary target. " We expect to meet the target this year,
the only problem we foresee is in the area of Value Added Tax
collection," said Ram Binod Bhattarai, Finance Secretary.
In the area of tax
revenue, customs revenue and excise duties both have maintained
winning streak. Increasing customs revenue has come from the
rebounding import growths. Import has been increasing at over 30
percent of growth rates in the last five months of the current fiscal
year.
Similarly, collection
of excise duty has also increased significantly.
Collection of excise
duty is helped by rebound in the manufacturing activities.
Manufacturing index is expected to grow by over 10 percent in the
current fiscal year. Such growth will bolster the excise collection.
The current fiscal year
budget has estimated to collect over 44 billion rupees of revenue.
During the last fiscal year estimated revenue was over 39 billion
rupees. However, at the end of the last fiscal year only over 36
billion rupees of revenue was realized.
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