Despite regular unrest, the government has been successful in revenue collection.
In the first nine months of 2007-08, revenue mobilisation of the government rose by 25.1 per cent amounting to Rs 70.85 billion compared to an increase of 22.2 per cent in the corresponding period of the previous year. Such an impressive growth of revenue was on account of substantial increase in the import of merchandise goods, according to the current macroeconomic situation based on the first nine months' — the third quarter (Q3) — data of this fiscal year.
Of the total revenue mobilisation, VAT grew by 23.2 per cent to Rs 22.22 billion in mid-April 2008. The growth in VAT was on account of growing imports and consumption induced by the rise in remittances and reforms in VAT administration such as establishment of Large Taxpayers Unit (LTU), strengthening of billing system and non-filers management.
In the review period, customs revenue rose by 23.6 per cent to Rs 14.68 billion compared to an increase of 22 per cent in the same period of the previous year. "Reforms in customs administration, the increase in imports of high tax yielding vehicles and spare parts as well as a rise in the amount of Indian excise refund contributed to such a high growth of customs revenue," states the report by Nepal Rastra Bank (NRB).
In the review period, excise revenue increased by 23 per cent to Rs 7.29 billion compared to an increase of 31.6 per cent in the same period of the previous year. Reforms in excise administration, identification of new excisable goods and increase in the imports of high tax yielding vehicles accounted for such a higher excise revenue in the review period.
Income tax revenue increased by 33.8 per cent to Rs 12.84 billion in the first nine months of 2007-08. The increase in the income of some public enterprises and private enterprises as well as the rise in investment income accounted for a higher growth of income tax collection. Last year, such revenue had grown by 34.3 per cent, it stated.
In the review period, non-tax revenue increased by 20 per cent to Rs 10.42 billion compared to an increase of 28.2 per cent in the same period of the preceding year. Such an increase in non-tax revenue was on account of dividend paid by some public enterprises including the NRB.In the review period, the government received foreign cash grants of Rs 11.61 billion. The government had received foreign cash grants of Rs 11.43 billion in the corresponding period of the previous year.
The outstanding domestic debt (excluding overdraft) of the government stood at Rs 93.80 billion as in mid-April 2008. Such outstanding debt had stood at Rs 96.18 billion at the beginning of the current fiscal year, the report stated.
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