Nepal
Telecom and Siddharth Rana have become the largest taxpayers under institution
and individual category for the fiscal year 2011-12.
Finance
minister Shankar Prasad Koirala today honoured various individuals and
institutions including the largest taxpayers – in different tax categories like
income tax, VAT and excise duty – for their contribution to the government
coffer on the occasion of second National Tax Day organised by the Inland
Revenue Department.
The
partially divested and Nepse-listed telecom service provider Nepal Telecom has
contributed some Rs 9 billion to the government coffer in the fiscal year
2011-12.
Likewise, executive
chairman of Sipradi Trading Rana has been honoured as the highest income tax
payer under the individual category.
Speaking on the occasion, finance minister Shankar Prasad Koirala said that the government is working hard on widening the tax net by policy, procedural and legal reform in the revenue administration. "There is a need for change in bureaucratic mindset as the general people and entrepreneurs have negative image of tax," he said, asking the revenue officials to change according to time. "Budget for the current fiscal year has envisages people-friendly tax policy, apart from online tax payment system to make revenue administration more efficient, and also for sustainable source of tax."
Speaking on the occasion, finance minister Shankar Prasad Koirala said that the government is working hard on widening the tax net by policy, procedural and legal reform in the revenue administration. "There is a need for change in bureaucratic mindset as the general people and entrepreneurs have negative image of tax," he said, asking the revenue officials to change according to time. "Budget for the current fiscal year has envisages people-friendly tax policy, apart from online tax payment system to make revenue administration more efficient, and also for sustainable source of tax."
Our revenue
is based on imports, said central bank governor Dr Yub Raj Khatiwada. "The
government should work hard on increasing non-tax revenue's share in the total
revenue," he said, adding that the more the contribution of non-tax
revenue in total revenue, the better the economy.
However,
finance secretary Shanta Raj Subedi said that only one million population is
under tax net, which has to be increased to at least five per cent as in the
country of 26.5 million population hardly 3.88 per cent are within the tax
bracket.
Though it
has been almost six decades that the government has started mobilising tax,
very less per cent of people – including professionals – are registered in the
tax, let alone pay tax.
According to
the Finance Ministry, the government has been able to mobilise Rs 2.67 billion
income tax – which is lesser than the same period of last fiscal year, when the
government had been able to mobilise Rs 2.83 billion – in the first two months
of the current fiscal year.
Likewise, he also stressed
on bringing the huge amount of money that is being spent in the CA election campaign.
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