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| Kathmandu, Saturday March 29, 2003 Chaitra 15, 2059. |
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Revenue collection up 7.5 pc
in first 8 months
Post Report
KATHMANDU, March 28 : The total revenue
collection, accruing out of Value Added Tax (VAT), excise duties and non-tax sources, saw
good increment in the later months despite a bleak outlook in the mobilisation of revenue
during the initial months of the current fiscal year.
According to revenue figures revealed by the
Ministry of Finance, the government’s revenue mobilisation during the first eight
months of the current fiscal year improved by 7.5 percent as compared to the collection in
the like period of the last fiscal year.
As of March 15, the total revenue collected by
the government stood at Rs 31.27 billion. Of the total revenue, Rs 25.68 billion was
collected in the form of tax revenue, which is 5.1 per cent higher than that collected in
the like period last fiscal year.
Likewise, non-tax revenue collection during the
first eight months of the current fiscal year stood at Rs 5.59 billion, which is 20 per
cent above the revenue collected in the similar period of the fiscal year 2001/02. Non-tax
revenue amounts nearly one fourth of the annual revenue mobilisation.
Besides, customs revenue mobilisation during the
eight-month period stood at Rs 8.85 billion. The collection is 3.5 per cent higher than
those collected in the same period last fiscal year. Revenue through customs comprises
almost 28 per cent of the total revenue.
Out of the total customs revenue mobilisation
during the two-trimester period, Rs 1.61 billion was collected in the form of special
duties. The total customs revenue mobilisation is 5 per cent higher than that targeted for
the period.
On the VAT front, Rs 8.61 billion was collected
during the first eight months of the fiscal year 2002/03. While the contribution from VAT
is 27 per cent to the total revenue mobilisation, the collection during the period is 12
per cent above the revenue collected in the corresponding period of the last fiscal year.
Revenue collection under the ‘taxable
sources’ as of March 15 was 16.1 per cent higher than that of the same period of the
last fiscal year. During the period, a total of Rs 4.5 billion through taxable sources was
raised.
The statistics further reveals that the
government mobilised Rs 5.59 billion from non-tax revenue sources, during the review
period. This figure is 20 per cent higher than the revenue mobilisation of the similar
period last year. The revenue collection from the excise duty amounted to Rs 2.85 billion,
18 per cent higher than the collection of the similar period last fiscal year.
Meanwhile, the total revenue mobilisation of the
first eight months makes 54.71 per cent of the annual targets. The government, through its
annual budget presented for the current fiscal year, had estimated to mobilise Rs 57.15 as
revenue during the current fiscal year.
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