Shah becomes highest tax payer

Vijaya Kumar Shah, chairman of the Jawalakhel Group of Industries became the largest taxpaying Nepali in the last fiscal year. 

Shah, who leads Jawalakhel Group of Industries that incorporates companies like Jawalakhel Distillery, Himalayan Distillery, Raj Brewery, Asian Distillery and Vijay Distillery, received recognition as the largest tax paying person a fiscal year ago on the occasion of the 9th National Tax Day, also.

Finance Secretary Krishna Hari Pushkar honoured Shah along with Surya Nepal Pvt Ltd – as the largest institutional taxpayer today at a programme organised by the Inland Revenue Department (IRD) to mark the 11th National Tax Day 2022.

During the last fiscal year 2021-22, Surya Nepal paid Rs 10.72 billion in taxes, up from Rs 9.34 billion a fiscal year ago. The company sells cigarettes, matchboxes, incense sticks and confectionery.

The government honours largest taxpaying individuals and organisations under 15 categories of taxes on the occasion of the National Tax Day every year.

The government also honoured Nepal Telecom under the largest income taxpayer category, whereas the producer of refined oil and vegetable ghee Shiva Shakti Ghee and Rajesh Metal Crafts were honoured under export-based and special industry categories. The OBC Feeds and Food was honoured under the agriculture and livestock industry category. 

Likewise, Chhimek Laghubitta Bittiya Sanstha received honour under cooperative category, Nabil Bank under banking sector and IME Remittance under remittance category are also honoured for their largest tax contribution in their respective sectors in the last fiscal year.

The Inland Revenue Department (IRD) Nepal has honoured Nabil Bank chief executive officer (CEO) Gyanendra Prasad Dhungana for the bank’s contribution. Nabil Bank had paid Rs 2.79 billion in taxes in the last fiscal year. This is the seventh consecutive year – in the past 10 years – that Nabil Bank has been honoured for its contribution to the national exchequer. “The Bank has paid Rs 18.38 billion in taxes to the state in the last 10 years. “The bank has also distributed Rs 14.45 billion in cash dividends and bonus shares worth Rs 18.8 billion to its investors,” according to the bank.

According to a press note issued by the Inland Revenue Department, the programme to commemorate the 11th National Tax Day also witnessed Nepal Re-insurance Company being honoured as the top taxpayer in the insurance category. Biratnagar-based Nobel Medical College and Teaching Hospital was felicitated as the top taxpayer in the health and education categories. 

Manakamana Darshan, the operator of the cable car in Kurintar and Chilime Hydropower were honoured as the highest taxpayers in tourism businesses and energy-oriented industries, respectively. Similarly, Nepal Stock Exchange topped the list among medium-scale taxpayers.

IME Ltd, the first money transfer company in Nepal, was honoured as the highest taxpayer in the remittance and money transfer category, whereas Hansraj Hulaschand and Co was honoured for its contribution to the commodity trade sector.

According to the department, Gorkha Brewery, the producer of Tuborg, Carlsberg and Gorkha beers, Somersby Apple Cider and Red Bull energy drink, was announced as the largest contributor in the value-added tax (VAT) category. Likewise, Mangalam Industries Pvt Ltd – a manufacturer of water supply, plumbing, sanitation, and drainage piping solutions and also the first CPVC Pipes and Fittings manufacturer and leading polymer piping systems manufacturer and exporter from Nepal – was the highest taxpayer company in the manufacturing industry.  during fiscal year 2021-22. According to the press note of the IRD, the award was handed over to chairman Dr Sudarshan Churiwal and director Mrs Shashi Churiwal of the company.

In the last fiscal year, Rs 429.27 billion in revenue has been collected, against the target of Rs 450.34 billion, according to the department press note. “The total number of taxpayers in the country, including the businesses and individuals holding a permanent account number (PAN) reached 4.81 million as of 2020-21, among which, some 3.05 million are individual PAN card holders, by the end of the last fiscal year.”