Friday, March 16, 2012

Development spending still low, revenue mobilisation fall short

The government has been able to spend Rs 156.86 billion — including cash and non-cash — in the eighth month of the current fiscal year.
"The total spending stood at 40.76 per cent of the total budget, whereas by mid-March, only 21.21 per cent budget had been spent on development activities," said finance secretary Krishnahari Baskota.
However, the Finance Ministry has been able to mobilise 97 per cent of the revenue target till the eighth month of the current fiscal year.
"Though revenue mobilisation has witnessed a 20.2 per cent growth to Rs 144.47 billion by the end of Falgun (mid-March), it is a shortfall of around Rs 4 billion of the target," he said. "The ministry had set a revenue target of Rs 148.45 billion for the eighth month of the current fiscal year."
The shortfall will be covered by next month, he claimed, adding that the government — as on the ninth month — apart from tightening the loopholes in revenue leakage and controlling leakage at the border customs, the Finance Ministry has recently revaluated the customs, made Past Credit Audit effective to push the customs mobilisation up, and tightened rental tax. "Nepal Telecom will give around Rs 3 billion dividend to the ministry under the non-tax head that has witnessed a 16 per cent shortfall from the target."
Similarly, the slowdown in the housing and real estate business, and vehicle sales has hit the revenue target by 25 per cent each, the finance secretary said, adding that excise has also seen a seven per cent shortfall.
However, excise will witness a rise once the department tightens the screw on excise stickers, he said, adding that by the ninth month the government will meet its target.
The ministry has been able to mobilise Rs 46.09 billion under VAT, Rs 27.85 billion under income tax, Rs 26.08 billion under customs, Rs 20.11 billion under non-tax, Rs 19.27 billion under excise and Rs 5.04 billion under registration and vehicle tax headings to add to the total of Rs 144.4 billion.

Revenue mobilisation
VAT — Rs 46.09 billion
Income Tax — Rs 27.85 billion
Customs — Rs 26.08 billion
Non-tax — Rs 20.11 billion
Excise — Rs 19.27 billion
Registration & Vehicle tax — Rs 5.04 billion
(In eight months of current fiscal year. Source: Finance Ministry)


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