FM asks to prepare detailed profile of 633 large taxpayers

Finance Minister Shankar Prasad Koirala today directed revenue officials to immediately prepare a detailed work plan for revenue mobilisation as they have to mobilise Rs 1 billion every day to meet the revenue target for the current fiscal year.

"The tax authority cannot blame anyone for inaction, as the government has been providing 100 per cent incentives," he said, asking the Large Tax Payers Office to prepare a detailed profiles of all the 633 large taxpayers across the country.

The elected government will take charge soon and the new finance minister will also go through your performance on the basis of revenue mobilisation, Koirala added. "Since the sixth month is crucial for revenue mobilisation, if necessary take stringent measures to meet the target."

Likewise, finance secretary Shanta Raj Subedi, on the occasion, said that the weakness of the revenue administration has made Rs 3.41 billion revenue loss in the first five months of the current fiscal year.

Asking the Large Taxpayers' Office administration to check the tendency of individuals gaining and institutions losing, he asked tax officials to bring multinational companies under the tax net in a transparent manner.

The Large Taxpayers' Office contributes to around half to the total tax mobilisation. Established to give one-window service to the large taxpayers, it looks after taxpayers, who pay over Rs 400 million annually, apart from medical colleges that pay over Rs 250 million annual tax.