Nepal

Inland Revenue Office fails to meet revenue collection target

KathmanduPati November 10, 2020

File photo

KATHMANDU – The Inland Revenue Office in Biratnagar collected Rs 1.63 billion in revenue against the target of Rs 1.94 billion in the first three months of the current fiscal year. The office achieved 84 percent of its target of three months in the revenue collection.

Chief of Office Bimal Sapkota said that a reduction in industrial output and decreased volume in the trade of liquors resulted in the low revenue collection.

In the review period, the Office achieved 111 percent progress in income tax and 137 percent in value added tax (VAT) but excise duty was collected just 50 percent of its target.

Of the amount, Rs 548.8 million was collected in income tax, Rs 571.5 million in VAT and Rs 516.4 million was collected in excise duty in the first three months of fiscal year 2020/21.

Sapkota shared that the third month of the review period achieved almost 97 percent of its target by collecting Rs 630.1 million in revenue.