The Finance Minister directed the officials to increase the tax nets, number of taxpayers and thereby tax collection.
"I urge the officials to ensure that there is no grievances from the service recipients and continue the reform in the entire revenue administration," the finance minister said at a meeting attended by the Vice-Chairman of the National Planning Commission (NPC), the Governor of Nepal Rastra Bank, the Chief Economic Advisor of the Finance Ministry, the Secretary at the Finance Ministry and Chiefs of different departments. [break]
NPC Vice-Chairman Dr Rabindra Kumar Shakya said special attention should be paid for VAT collection and necessary precautions should be taken as the effect of Nepali currency was shrinking.
Likewise, Governor of Nepal Rastra Bank Dr Yubraj Khatiwada expressed dissatisfaction over the huge ratio of revenue collected from the customs and added that internal sources of revenue should be increased and trend of production and consumption should be changed.
Secretary at the Ministry Shanta Raj Subedi said the contribution of VAT in previous fiscal year was not satisfactory even though the revenue collection was encouraging at large.
During the fiscal year 2069/070, Rs 296.1 billion was collected against the target of Rs 289.6 billion, meeting 102.21 per cent of the target.
Of the total revenue collection, the tax revenue contributed Rs 259.61 billion while Rs 36.39 billion was collected from non-tax revenue sources.
Related story
Raising Internal Debt to Meet Revenue Target can be Counterprod...
