Nepal Witnesses Remarkable Revenue Surge, Hits 55 Billion in Four Days

Nepal’s revenue collection has experienced a substantial surge, reaching an impressive 55 billion in just four days, showcasing an average growth rate of 16%. This remarkable upturn is primarily attributed to the expanding tax base, indicating a positive shift in the country’s economic landscape.

The current fiscal year has witnessed a significant uptick, with the revenue growth rate surpassing 16%. This comes after a continuous 16-month downward trend in revenue collection until mid-August, with a noticeable positive trend observed since mid-September.

Data from the Auditor General’s Office reveals a substantial increase, with a total revenue collection exceeding 461 billion from mid-June (Asar) to mid-January (Poush). This marks a notable 63 billion increment compared to the previous fiscal year (2079-80).

The recent surge saw the government’s revenue account witnessing an impressive collection of 55.01 billion in just four days. Specifically, on January 8, revenue collection amounted to 7.60 billion rupees, followed by 17.41 billion on January 9 and 11.45 billion on January 10.

This surge is attributed to increased business transactions fueled by trade activity during Kartik (October 18 to November 16). Officials from the Ministry of Finance highlight a substantial income of 10 billion generated from Nepal Rastra Bank’s profits in the last fiscal year, contributing to the overall increased revenue collection.

To sustain this growth, taxpayers are mandated to submit their business details by January 10 to the Internal Revenue Office for internal revenue growth. Moreover, Tax Deducted at Source (TDS) must be cleared by the same date, underlining the government’s commitment to maintaining the positive economic trajectory.