The government has honoured the largest taxpayers in 16 different categories, on the occasion of closing ceremony of Tax Week.
Finance Minister Dr Prakash Sharan Mahat today honoured the largest taxpayers from various sectors at the closing ceremony of the Tax Week organised on the occasion of the National Tax Day 2080, at the Inland Revenue Department (IRD).
The liquor king Vijaya Kumar Shah — founder and group chair of Jawalakhel Group of Industries (JGI) — became the largest individual income taxpayer for second consecutive year, though it is the third time Shah has been honoured.
When Vijay Kumar Shah returned to Nepal in 1969 after finishing his studies and gaining work experience in the USA, the traditional method of making alcohol was still prevalent in the family business thriving under the leadership of his forefathers, according to the JGI, the Nepal Stock Exchange (Nepse) listed company. “Shah dreamt of bringing a modern plant to Nepal and passionately worked towards it until Jawalakhel Distillery began production in 1973.”
His wife Maggie Shah became instrumental in making business decisions that led the company to greater heights, the company claimed, adding that it was a sharp upward incline for flagship brand Ruslan vodka, after which in 1999 their son Raj Bahadur Shah (managing director of JGI) stepped in and introduced Royal Stag Deluxe Whisky to Nepal in collaboration with Pernod Ricard. “Royal Stag went on to be the leading domestic whisky for over a decade.”
The JGI expanded to produce a gamut of alcoholic beverages in various categories which propelled it to become the leader in the Nepali liquor industry. Currently a sixth generation family business, JGI has come a long way, from small-scale pot-still distillation to mass-production 13-column distillation.
Likewise, Nepal Telecommunications Company (Nepal Telecom) became the largest institutional income taxpayer for the fiscal year 2078-79 BS (2022-23), according to the IRD.
Though, the IRD has been celebrating the Tax Day on Mangsir 1 (November 17 this year) since last 12 years, the department has missed the day this year, and organised the felicitation programme on the last day of the Tax Week, today. The director general of IRD Dirgha Raj Mainali and revenue secretary Dr Ram Prasad Ghimire were absent at the programme, as both of them are out of country.
Likewise, Dabur Nepal, Asian Paints, OBC Foods and Feeds Company, Chhimek Microfinance Financial Institution and Global IME Bank are also honoured for being the largest taxpayers in different categories.
Life Insurance Company Nepal, Nobel Medical College, Manakamana Darshan and Bhatbhateni Super Market are also the largest taxpayers.
The government also honoured Nepal Stock Exchange (Nepse) and Bhotekoshi Hydropower Company among the medium taxpayers category, ranging from Rs 500 million to Rs 1 billion.
The government also honoured IME Ltd and Surya Nepal was also honoured for paying the highest income tax, value added tax (VAT), excise duty and paying VAT of five years on time.
The government also decided to provide a special identity card — for a period of one year — for the largest taxpayers, according to finance secretary Dr Krishna Hari Puskar Karna. “The process of distributing identity cards to the largest taxpayers will start today,” he said, responding to the vice chair of Surya Nepal — which has been recognised with two felicitations — Rabi KC, who asked the government to let them have special pass to enter the Singh Durbar, the seat of power.
The largest taxpayers for fiscal year 2022-23
Highest Income Tax Payer (Institutional): Nepal Telecom
Highest Income Tax Payer (Individual): Vijaya Kumar Shah (Founding chair Jawalakhel Group of Industries)
Highest Inland Taxpayer: Surya Nepal
Highest VAT Payer: Surya Nepal
Export Trade: Dabur Nepal
Special Industries: Asian Paints
Agriculture and Livestock Industries: OCB Foods and Feeds
Cooperatives/Microfinance: Chhimek Laghubitta Bittiya Sanstha
Banks/Finance institutions: Global IME Bank
Insurance: Life Insurance Corporation (Nepal)
Health/Educational Institutions: Nobel Medical College and Teaching Hospital
Tourism: Manakamana Darshan
Commodities Trade: Bhat-Bhateni Supermarket and Departmental Stores
Medium Scale Taxpayers: Nepal Stock Exchange (Nepse)
Energy: Bhotekoshi Power Company
The largest individual taxpayers
2012 — Prithvi Bahadur Pandey
2013 — Siddhartha SJB Rana
2014 — Siddhartha SJB Rana
2015 — Dr Upendra Devkota
2016 — Siddhartha SJB Rana
2017 — Siddhartha SJB Rana
2018 — Siddhartha SJB Rana
2019 — Siddhartha SJB Rana
2020 — Vijaya Kumar Shah
2021 — Siddhartha SJB Rana
2022 — Vijaya Kumar Shah
2023 — Vijaya Kumar Shah