Lower revenue mobilisation worries government
Finance secretary Shanta Raj Subedi expressed dissatisfaction on lower revenue mobilisation by the end of six months of the current fiscal year.
Asking the revenue officials to take serious measures to shore up revenue, he said that the the failure to meet revenue mobilisation target has to be tackled as soon as possible.
Though, the revenue mobilisation has gone up by 20 per cent in the first half of the current fiscal year 2013-14 compared to the same period last year, it has failed to meet the target of the current fiscal year.
Addressing the Revenue Review Meeting today at the Finance Ministry, secretary said there is a challenge of meeting Rs 354 billion revenue mobilisation for the current fiscal year.
According to the ministry, it has mobilised Rs 163 billion – up from Rs 135 billion of the first half of last fiscal year – in the current fiscal year 2013-14.
Central bank governor Dr Yuba Raj Khatiwada, on the occasion, cautioned the government toward slower economic activities and consequent impact in revenue mobilisation due to weak performance in capital spending and swelling liquidity in Bank and Financial Institutions.
Likewise, vic chair of National Planning Commission (NPC) Rabindra Kumar Shakya directed the officials to take serious measures for driving up capital expenditure that plays a key role in increasing revenue mobilisation.
He also suggested revenue officials to make timely review on non-tax revenue rates.