Wednesday, June 27, 2012

Govt prepares regulation to check revenue leakage

The government has prepared a regulation to check revenue leakages.
Briefing the revenue evaluation meeting in the Finance Ministry, director general of Revenue Investigation Department Janmajaya Regmi said that the department has also prepared the operational guidelines to effectively plug loopholes to check revenue leakages.
The meeting has also concluded that the government has to put in extra effort to meet the revenue target as by the end of the 11th month, the government has still been staring at a revenue shortfall.
The government has still been staring at a shortfall of Rs 960 million at the end of the 11th month, according to the Finance Ministry that has been able to mobilise Rs 210.96 billion by mid-June against the target of Rs 211.92 billion.
The shortfall has been reducing over the months but the recent bandhs and strikes in different parts of the country has hit revenue mobilisation, said finance secretary Krishna Hari Baskota, who also attributed the shortfall to the low investment and non-tax revenue due to poor performance of government entities.
"Only customs and income tax have exceeded the revenue mobilisation target," the finance secretary said, directing the officials to improve their performance to meet the revenue target by effectively mobilising the flying squad to plug the loopholes, practical evaluation of customs, and efficient monitoring.
Similarly, joint secretary Shantaraj Subedi also directed the officials to work effectively to meet the revenue target of Rs 30.81 billion for the last month of the current fiscal year.
"The customs offices in Birgunj, Bhairahawa, Biratnagar, Tribhuwan International Airport, and dry port have started paying revenue through banks making it easier for importers," informed acting director general of the Customs Department Madhusudan Pokharel.
The heads of the other concerned departments also briefed the meeting of the past performances and future programmes of their respective departments.

Revenue mobilisation
VAT — Rs 64.67 billion
Income Tax — Rs 41.78 billion
Customs — Rs 38.48 billion
Non-tax — Rs 32.08 billion
Excise — Rs 26.65 billion
Registration — Rs 3.58 billion
Transportation — Rs 3.49 billion
(Source: Finance Ministry)

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