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| Kathmandu Saturday April 06, 2002 Chaitra 24, 2058. |
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Govt announces CIPs
Post Report
KATHMANDU, April 5:Finance Minister Dr Ram
Sharan Mahat honoured top ten taxpaying institutions and individuals with the title of
Commercially Important Person (CIP) amid a function at the finance Ministry today.
The government, in accordance with the
announcement made in the current fiscal year’s budget last July had selected ten top
tax paying institutions and individuals on the basis of total income tax paid during the
last year on Wednesday.
The government, instead of conferring the title
on ten topmost taxpayers, had selected the top taxpayers from five sectors that include
banking and financial sector, manufacturing-based industrial sector, service sector,
service and banking sector outside Kathmandu valley and personal taxpayers.
In banking and financial sector, the Rastriya
Banijya Bank (RBB) topped the taxpayers list. The other recipients of the CIP awards in
the category are the Standard Chartered Bank and the Himalayan Bank.
The source with the Inland Revenue Department
said that the income tax paid during the last fiscal year was taken for the calculation of
the CIP and the criteria set by the Department also considered accumulated tax paid last
year.
Similarly, in manufacturing-based industrial
sector, Surya Tobacco Company, Nepal Liquor and Hulas Still Industries were awarded with
the CIP title.
Nepal Electricity Authority and Nepal
Telecommunications Corporation were the top taxpayers from service sector to receive the
CIP status. Likewise, Nepal Industrial and Commercial Bank topped taxpayers from the
category of service and banking sector outside Kathmandu valley.
In personal taxpayer category, Jyoti Lal Khanna,
Executive Chairman of Yeti Travels received the CIP award, as he was the highest
individual taxpayer among the individuals.
All the recipients would be entitled to use the
CIP lounge at the Tribhuvan International Airport (TIA). The idea to award the top
contributors to the government treasury is an attempt to increase revenue mobilisation by
encouraging potential taxpayers to clear taxes.
Honouring the top taxpayers Minister Mahat said,
"Taxpayers are the bread earners of the government and the economy, and their honour
is just a beginning of their recognition," The government is preparing to bring new
and more refined proposals to encourage taxpayers and outstanding performers of the
economy, he added.
On behalf of the awardees, Deewakar Golchha from
the Hulash Steel, said that conferring CIP title has encouraged private sector
entrepreneurs to show better performance in the days to come.
The budgetary announcement to award the
taxpayers is an effort to increase the income tax base, in addition to implementing Value
Added Tax (VAT) more effectively.
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