Tag Archives: VAT

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

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

Planning commission ready with short-term reconstruction plan

National Planning Commission (NPC) will submit plan for resettlement – for the earthquake-displaced people – and reconstruction of collapsed structures within this week. NPC vice chair Dr Govinda Raj Pokhrel today said that the plan will be forwarded to the

NOC seeks CIAA support to carry out cylinder verification

Nepal Oil Corporation (NOC) requested Commission for the Investigation of Abuse of Authority’s (CIAA) support in carrying out cooking gas cylinder verification. The state petroleum supply monopoly sought the anti-corpution watch dog’s help after the gas bottlers refused to cooperate

Chief secretary, governor against cash incentive to GMR

Two of the influential members of technical committee on Project Development Agreement (PDA) draft of mega project Upper Karnali still have reservation on the cash incentive. Chief secretary Leela Mani Paudyal and central bank governor Dr Yuba Raj Khatiwada have

PDA study team divided over cash subsidy proposal, downstream impact

A study team formed to advice on Power Development Agreement (PDA) for Upper Karnali Hydropower Project is itself divided over cash subsidy proposal. Members of the technical committee – led by vice chair of the National Planning Commission Dr Govinda

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

Nepal receives Rs 1.5 billion remittance inflow daily

The country is receiving Rs 1.5 billion remittance on an average daily. “Nepal has received Rs 397.8 billion in nine months of th current fiscal year 2013-14,” according to macroeconomic report for nine months published today by the central bank.

Revenue taskforce urges to review tax exemption on mobile, edible oil

Revenue Exemption Impact Evaluation Task force submitting its report to finance minister Dr Ram Sharan Mahat today asked to review the tax exemption on mobile phones and edible oils. The task force, led by the former secretary Bal Govinda Bista,

Parliamentary Panel suggests government to bring Petroleum Act

A parliamentary committee formed to recommend reforms in fuel business suggested the government to pass Petroleum Act that could help manage Nepal Oil Corporation and fuel business in the country. The Rs 107-billion worth petroleum sector could not be governed

Parliamentary panel takes stock of taxes in fuel

The parliamentary committee that was formed to recommend moves to reform petroleum business is considering suggesting waiver of taxes, preferably VAT, on cooking gas. The 11-member committee has been taking stock of the tens of billions of fuel business and

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

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

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

Contract farming guideline on cards

Ministry of Agriculture Development is introducing — Contract Farming Guideline under the Agricultural Business Promotion Act and Farm Mechanisation Policy — soon to promote sustainable agriculture growth. The draft policy paper is expected to commercialise agriculture that is at present

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