Print Edition - 2015-01-05 | MONEY
Revenue exceeds target due to soaring imports
Jan 4, 2015-
The government may not have been able to spend money as projected, but revenues have been on an upward trajectory due to soaring imports.
Revenue collection during the first five months of the fiscal year exceeded the target by a whopping Rs 6 billion, said the Finance Ministry on Sunday. Income amounted to Rs 142.1 billion compared to the goal of Rs 136.2 billion.
Import duty and fees are the largest source of revenue for the government, and this year imports have taken off sending cash registers ringing.
According to Nepal Rastra Bank (NRB), the country’s imports ballooned to Rs 257 billion while exports stood at Rs 30 billion during the first four months of this fiscal. Out of the total revenue collected, taxes amounted to Rs 128.41 billion with non-tax revenue making up the rest.
Among the revenue headings, value added tax amounted to Rs 46.5 billion while customs duty came to Rs 30.36 billion. Likewise, the government collected Rs 19.28 billion in income tax, Rs 21.2 billion in excise duty and Rs 10.51 billion in registration fee, vehicle tax and other taxes.
Revenue collection during the one-month period from mid-November to mid-December amounted to Rs 27.22 billion against Rs 22.2 billon during the same period in the last fiscal.
Published: 05-01-2015 09:29