Friday, May 24, 2013

Government needs to mobilise only Rs 55.15 billion innext two months

In the next two months, the government needs to mobilise only Rs 55.15 billion revenue to meet the current fiscal year's revenue mobilisation target of Rs 289.60 billion.
The government has been able to mobilise Rs 234.45 billion revenue against the target of Rs 226.05 billion — by the 10th month of the current fiscal year — swelling the government coffer, though it has been unable to spend on development activities as it has Rs 56 billion in its vault. It had planned to meet the revenue mobilisation target by mid-May of the current fiscal year 2012-13, according to the Finance Ministry.
"Increased imports, coupled with effective checking of revenue leakage, and simplification of customs procedures have contributed to the more than expected target of revenue mobilisation," said finance secretary Shanta Raj Subedi.
The government has mobilised Rs 68.29 billion VAT, Rs 52.12 billion income tax, Rs 46.73 billion customs, Rs 29.05 billion excise, Rs 30.34 billion under non-tax, and Rs 7.92 billion — including Rs 4.02 billion registration fee and Rs 3.90 transportation tax — under others to make it a total of Rs 234.45 billion, the ministry said, adding that the total revenue mobilisation is 23.35 per cent higher than the same period of last fiscal year 2011-12. "Tax revenue mobilisation has seen satisfactory growth (by 27.47 per cent), though non-tax revenue mobilisation has slowed down."
Likewise, VAT has contributed some 29 per cent, followed by income tax (22 per cent), customs (20 per cent), excise (12 per cent), non-tax revenue (12 per cent) and others — including registration fee and transportation tax — contributed some five per cent to the total revenue mobilisation by mid-May.
Sectoral contribution
VAT — 29 per cent
Income tax — 22 per cent
Customs — 20 per cent
Excise — 12 per cent
Non-tax — 12 per cent
Others — 5 per cent
(Source: Finance Ministry)

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