Monday, July 17, 2017

Government mobilises Rs 612 billion revenue in the last fiscal year

The government has been able to mobilise Rs 612 billion revenue in the last fiscal year.
Finance Minister Gyanendra Bahadur Karki – addressing a meeting of Finance Committee under the Legislature-Parliament – today informed that the government has been able to mobilise Rs 612 billion in revenue in the fiscal year 2016-17.
"It is 108 per cent more than the target," he said, adding that the government had mobilised Rs 565 billion revenue a fiscal year ago. "Zero tolerance policy has been adopted against revenue leakage and irregularities helping the revenue mobilisation to increase."
The government will be strict in checking revenue leakage, he said emphasising has been given on Automated Custom Tax System to control irregularities in the revenue and tax system.
Karki said customs at point of origin and the details of the monitoring and transaction of such transaction from the point of production itself would be brought into the computerised system to check the irregularities seen in the revenue system. "The ministry is working with priority for keeping a close watch on tax and laws," the minister added. "The performance and character of the employees working in the tax administration would be monitored also for checking tax evasion and that preparations were on for formulating and implementing a code of conduct for those working in the customs, revenue and taxation system."
Informing that the ministry is also planning to install IP cameras at 13 places for checking the revenue leakage, Karki said that a local-type tax dispute settlement committee has been proposed in the proposed Revenue Board Act. "It will systematise the tasks of constituting commissions as the Tax Settlement Commission."
Revenue Secretary Sishir Dhungana, on the occasion, said that the issue of working style and transparency was important although it was not in itself bad practice to form the tax settlement commission. He added that such tax settlement commissions are formed in one or the other form in other countries throughout the world as well.
During the meeting, the committee members inquired the finance minister and the ministry officials on revenue mobilisation and initiatives to stop corruption and irregularities seen in the tax administration. 

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