Sunday, June 2, 2013

Finance Ministry targets revenue growth at 35 per cent for next fiscal year

The government has projected to achieve 30 per cent to 35 per cent revenue mobilisation growth in the next fiscal year 2013-14, compared to the current fiscal year.
Briefing the chairman of Interim Election Council Khil Raj Regmi, here today, finance minister Shankar Koirala said that the change in tax brackets and plugging of leakages is expected to help the government mobilise 30 per cent to 35 per cent more revenue. "The private sector will be at the centre of the budget," he said, adding that export promotion, commercialisation of agriculture, tourism and energy will be the key focus of the fiscal policy.
However, the government has not been able to spend on development activities in the current fiscal year. "Only 34 per cent of the capital budget has been spent on development work by nine months," informed finance secretary Shanta Raj Subedi. "However, trade deficit has increased to Rs 351 billion, though revenue mobilisation has recorded a growth of 23.2 per cent in the 10th month as compared to the same month of last fiscal year.
The performance evaluation of the government is not based on revenue mobilisation but on the effective mobilisation of revenue to achieve economic growth that is projected to be at around 3.5 per cent in the current fiscal year.

No comments: