The Kathmandu Metropolitan City (KMC) has reported an impressive revenue collection of around Rs 5 billion in the first half of the current fiscal year 2023/24. This marks a substantial increase of approximately Rs 350 million compared to the corresponding period in the last fiscal year.
Dhruba Kafle, the Chief of KMC Revenue Department, shared with Rastriya Samachar Samiti (RSS) that the primary contributors to this surge in revenue were the house rent tax, amounting to over Rs 1.35 billion, and property tax, which exceeded Rs 670 million. The growth in the number of taxpayers is identified as a key factor driving the upswing in revenue collection.
With a goal set to generate over Rs 10 billion in revenue for the entire fiscal year, KMC has been employing a comprehensive approach by collecting revenue under 36 different categories. These include property taxes, home maintenance fees, business registration charges, advertisement levies, entertainment taxes, real estate fees, VAT, and vehicle taxes, among others, as informed by Kafle.
Expressing optimism, Kafle stated that if the current pace of revenue collection is maintained, KMC is poised to meet its ambitious annual target by the end of the fiscal year. The success is attributed not only to an increase in the number of taxpayers but also to an intensified tax collection drive by KMC, which has successfully addressed outstanding amounts, contributing significantly to the overall revenue boost.
The noteworthy achievement underscores KMC’s commitment to fiscal responsibility and efficient administration, signaling positive economic prospects for the Kathmandu Metropolitan City in the coming months.
17th Jan 2024
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