The Karnali state government has collected revenue of only Rs 130 million in the 10 months of the current fiscal year. It is said the state could not achieve its target due to the decrease in the source of internal income and the local levels not paying the revenue to the state.
Finance Minister Dr Yuba Raj Khatiwada has directed revenue employees for a quality increase in revenue by expanding the scope of taxation. During his visit today to the Inland Revenue Office, Bharatpur, he directed the office employees to focus on a quality growth in revenue. He also instructed for the full enforcement of Finance Act-2075 BS.
The Hetauda sub-metropolis has increased its internal revenue by 15 percent this time in comparison to the last year. It has been reflected in a report presented in curse of the fourth municipal assembly of the sub-metropolis.
Prime Minister KP Sharma Oli has said the economic indicators of the country in the past five months of the current fiscal year were positive. During the meeting of the House of Representatives today, PM Oli shared the information that the revenue collection was upped by 32 percent in these five months, while the capital expenditure grew b
With the revenue management information system (RMIS) coming into effect public revenue can be deposited in the branches of all banks undertaking public transactions. At a press conference organized here today by the Financial Comptroller General Office, it was shared that the system has been brought to effect from July 17 so as to make financial transactions
Finance Minister Dr Yubaraj Khatiwada is scheduled to respond to queries to be raised in a National Assembly meeting slated for today in relation to expected revenue and expenditure for the fiscal year 2075\76. A discussion has been ongoing since Thursday on expected revenue and expenditure for the FY 2075\76, and will conclude today.
Finance Minister Dr Yubraj Khatiwada has directed the chiefs of the customs office to resolve the loopholes witnessed in revenue collection. The Finance Minister issued such directive to the chiefs of the customs offices across the country to meet the target of revenue collection as the revenue collection was not as per the target till the eighth month of the
One of a government’s functions is to collect taxes and other revenues. The process involves many actors including the revenue collections office, accounting office, the government’s attorney, budget office, taxpayers, tax assessor, local government’s treasurer, other departments or agencies, other governments at the state and/or local level, commercial banks, and private collection agencies.
An investment worth around Rs 500 billion has been done in the private education sector by the promoters of private education in the country. In general, the investment was made to upgrade the physical infrastructures and increase human resources in the private education sector.
The Large Taxpayer Office under the Department of Inland Revenue has given an ultimatum to Telia Sonera Group to clear its due tax; 65.4 billion rupees. The amount incorporates interests and fees up to January 2, 2018. Inland Revenue Department has given a 15-day time for Telia to clear its dues. Telia previously was a holder of ownership of Ncell.
According to the Finance Ministry, the government of Nepal has spent nearly Rs 340 billion in the first six months of the current fiscal year which stands at 27 percent of the total budget for this fiscal year. The federal budget is the government's estimate of spending and revenue for each fiscal year.
Government of Nepal had previously set a target to collect Rs 251.13 billion revenue during the first five months of the fiscal year. However, the Ministry of Finance (MoF) has been unable to meet the revenue collection target set till mid-December. In addition to that, the MoF has collected only Rs 239.97 billion during the 5-month time period.
Few months ago, the stockbrokers had halted trading in the stock market to protest against the tax offices regarding their decision of collecting VAT from brokerage firms. However, that doesn’t seem to concern Taxpayer Service Office (TSO) as they have once again locked horns by seeking settlement value added tax (VAT) in share transactions from three brokerage firms.
According to a recent amendment in the Excise Duty Rules 2002, Beer producers are obliged to paste excise duty stickers on beer bottles from January 1, 2018 so that the government can control any kind of revenue leakage that may happen while selling and buying the goods which in this case is beer.
The Inland Revenue Department has requested liquor producers to use transparent plastic shrink caps on liquor bottles. The shrink caps will protect the excise duty stickers that are pasted on the caps but also minimize the duplication of stickers. The IRD has said that the shrink cap will be a mandatory requirement from January 15.
The Inland Revenue Department is introducing a new system in which the bills issued by any supplier will be stored in the central server of the department. The system is set to be introduced on November 17 on National Tax Day. According to the director general of IRD, the system will be enforced in Kathmandu on its first phase.
After missing its revenue collection target for two consecutive months, the Inland Revenue Department (IRD) has been able to achieve the target set for the third month of the current fiscal year, that is, between mid-September and mid-October. The government has collected Rs 51.64 billion or 100.56 percent of the target through the Inland Revenue Offices.
Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. Revenue is calculated by multiplying the price at which goods or services are sold by the number of units.