Multinationals contribute almost half revenue among large taxpayers

Multinational companies contribute almost half the revenue among the large taxpayers.
According to the Large Taxpayers Office, some 722 large taxpayers are listed under the office. Among them, some 29 multinational companies contribute 47.4 per cent to the office's total revenue mobilisation. "The office has been able to mobilise Rs 37.68 billion from the large tax payers by the end of the 10th month (mid-May) of the current fiscal year," according to the office that has set a target to mobilise Rs 49.74 billion in the current fiscal year, which the office believes in meeting in the remaining two months.
Some 94 banks, finance and insurance companies are listed under the office and they contribute 28.6 per cent, whereas 124 non-agriculture industries contribute 4.1 per cent to the total revenue mobilisation of the office.
Similarly, some 106 public enterprises and service-oriented industries also come under the large taxpayers office. These entities contribute 7.3 per cent and 262 trading firms contribute 6.7 per cent, whereas 107 agro-based industries contribute five per cent to the total revenue mobilisation of the office, informed chief tax administrator Ananda Prasad Dhakal during a surprise inspection of the large taxpayers office by the finance secretary Krishna Hari Baskota today.
The office is planning to mobilise Rs 2.74 billion in the 11th month and Rs 9.25 billion in the last month of the current fiscal year to meet its target, said Dhakal, adding that the office has audited 208 large taxpayers, completed the investigation of 26 and finalised arrears worth Rs 307.4 million, which is 46 per cent of the total arrears.
Baskota, on the occasion, directed the tax officials to maintain a high moral and dignity and be committed to meeting the revenue mobilisation target.
Similarly, director general of Inland Revenue Department Tanka Mani Sharma also directed tax officials to remain alert as the large taxpayers office is the face of the country's tax administration.
The government has jumped into action after it realised that it would not be bale to meet the revenue mobilisation target for the current fiscal year, like in the last fiscal year. The government has set a target of Rs 241.77 billion for the current fiscal year but by the end of the 10th month, it has been able to mobilise only Rs 190.8 billion out of the target of Rs 192.55 billion for the 10 months.