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Budget draws mixed reactions

The budget has received mixed reaction from the political parties and business community Some political parties and entrepreneurs welcomed, whereas others critisised the Rs 819.47 billion budget presented by finance minister Dr Ram Sharan Mahat yesterday. Former finance minister and

Finance minister unveils post earthquake reconstruction budget of Rs 819.47 billion

Finance Minister Dr Ram Sharan Mahat today presented a post-disaster reconstruction budget of Rs 819.47 billion for the next fiscal year 2015-16. Presentation the budget at the Legislature Parliament, Mahat said that budget for the next fiscal year is 32.6

Revenue collection falls due to earthquake

As expected, the government missed its revenue mobilisation target by Rs 16.38 billion in the 10th month of the current fiscal year due to earthquake. The government had planned to mobilise Rs 329.31 billion by mid-May but it has been

Recurrent expenditure ‘higher than tax revenue’

Tax revenue is inadequate to meet the country’s recurrent expenditure despite a surge in revenue mobilisation in recent years, according to Asian Development Bank (ADB). “The ballooning recurrent expenditure is a matter of serious concern,” said the ADB’s Macro-Economic Update

Revenue growth rate falls

The revenue growth rate slowed down in last fiscal as the pace of tax collection slowed during the year due to low economic activities and Constituent Assembly election. The government mobilised Rs 356.85 billion revenue in last fiscal year, up

Tatopani-based traders start construction of alternative route

As the highway to trade with northern neighbour has been blocked since two weeks by a landslide, the traders have started construction of a two-km track – as an alternative – linking Kalleri to the Araniko Highway to reopen the

Central bank plans National Payment System

The central bank is planning to launch National Payment System that will help mobile banking more adaptable to masses. The central bank is also mulling to make remittances inflow Nepal through the system that will make it cost efficient. The

Government agencies own Rs 73.2 billion in arrears

The government agencies have not been serious in settling the unsettled accounts as the total arrears have seen no decrease in recent years, according to a report. The total arrears with different government agencies stood at Rs 73.20 billion by

Government misses revenue target

The government missed the revenue target by Rs 6.81 billion in the eighth month of the current fiscal year. The government had targeted to raise Rs 219.4 billion by the eighth month of the fiscal year, according to the Finance

IRD felicitates best taxpayers of mid-western region

The Internal Revenue Department (IRD) has felicitated four best taxpayers in western region. The Nepalgunj office of the department felicitated Bishnu Mainali of Banke-based Bheri Financial Cooperative, Karna Bahadur Sinjali of Surkhet-based Kakrebihar Development Bank, Nirmal Prasad Acharya of Bardiya-based

Inflation biggest challenge to economy: ADB

Inflation is going to be the biggest challenges for Nepal, according to a new report. The Asian Development Bank (ADB) flagship publication – released today – said that inflation remains one of the biggest challenges to the Nepali economy as

FM asks customs offices to boost competitiveness

Finance Minister Dr Ram Sharan Mahat asked customs officials to strengthen competitiveness of customs points to also boost the revenue mobilisation. Addressing the Customs Management and Valuation Seminar organised here today by Department of Customs, the finance minister said the

IRD marginally exceeds revenue collection target

The government has been able to exceed its revenue target marginally – in the first eight months of the current fiscal year – due to an increased income tax. The Inland Revenue Department has been able to mobilise Rs 79.25

Will government shut casinos down?

The government has to shut down the casinos, if they failed to pay their dues by tonight. Spokesperson at the Ministry of Culture, Tourism and Civil Aviation Mohan Krishna Sapkota said that they have already notified Home Ministry asking it

Government misses revenue target by Rs 4 billion

The government has missed revenue mobilisation target by around Rs 4 billion for the first seven months of the current fiscal year 2013-14. Tendency of not submitting the details of VAT and income tax has made it difficult for the

NPC proposes Rs 596 billion budget for next fiscal year

Though late, National Planning Commission (NPC) has fixed the budget ceiling of Rs 596 billion for the next fiscal year. The total annual budget outlay proposed for the next fiscal is around Rs 79 billion more than the current fiscal

Government fails to meet revenue mobilisation, expenditure target

The government has neither been able to spend the capital expenditure that could have propelled the economic growth nor meet the revenue mobilisation target in the six months of the current fiscal year 2013-14. The government fell short of Rs

‘Improve attitude, embrace technology to give positive message of customs’

Finance Minister Shankar Prasad Koirala today asked the customs officials to improve their attitude as the customs department has become a synonym for corruption. Addressing the 62nd International Customs Day, here in the valley, he said that the department must


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