KATHMANDU: The government has mobilized Rs 43.70 billion in revenue in the first four months of 2008/09, which is 33.1 percent more than in the same period last year. [break]
The revenue intake far exceeds the target set for the period, which was Rs 42.60 billion, says a Ministry of Finance (MoF) statement. The government´s revenue mobilization target for this fiscal year is Rs 141 billion.
MoF has attributed the rise in revenue to greater than expected contributions by value added tax (VAT) and excise duty. As of mid-December, 2008 the government´s VAT collection has grown by 35 percent. Excise collection has also gone up, by 40 percent.
"The improvement in customs valuation and increased pressure to issue VAT bills mainly contributed to higher VAT collection," the statement quoted Revenue Secretary Krishna Hari Baskota as saying.
Both income tax and customs revenue collection also increased, by 25 percent each, during the period.