KATHMANDU, July 26: Revenue mobilization increased by 26 percent to Rs 200.58 billion in Fiscal Year 2016/2017.
According to the Inland Revenue Department (IRD), the government had set a target of collecting Rs 200.33 billion in the review fiscal year. The collection is 111 percent of the target set by the government, IRD said in a statement issued on Wednesday.
Statistics compiled by the IRD shows collection of income tax saw a surge of 27 percent to Rs 100.48 billion, while mobilization of Value Added Tax (VAT) and excise duty also went up by 23 percent and 30 percent, respectively, to Rs 61.12 billion and Rs 47.21 billion.
“The collection of income tax, VAT and excise tax in 2016/17 was 116 percent, 103 percent and 105 percent of the target set by the government,” the IRD said in the statement.
Likewise, the government collected Rs 730.9 million and Rs 830.3 million as education service tax and health service tax, respectively. According to the department, Education Service Tax collection and Health Service Tax missed the target by 2 percent and 11 percent, respectively.
Speaking at a program organized by the IRD in Kathmandu on Tuesday, Kishor Jung Karki, director general of the IRD, said that the office has worked really hard to meet the revenue targets set by the government. “The target would not have been met hard IRD not become effective,” he said, adding: “The government has set a target of mobilizing Rs 300 billion in the current fiscal year. We will spare no effort to meet the revenue target set by the government,” Karki said, directing all the officials to work by setting up specific plans to meet the revenue targets.