Government achieves 84pc of revenue target despite challenges

January 14, 2025, 12:08:04 PM |

KATHMANDU: The government has collected NPR 559 billion in revenue during the first six months of the current fiscal year, reflecting a 13% increase compared to the same period last year. This marks a rise of NPR 63 billion from the NPR 496 billion collected in the previous fiscal year during the same timeframe.

However, despite the growth, the revenue collection fell short of the government’s target. By the end of Poush (mid-January), the government had aimed to collect NPR 672 billion but managed to achieve only 84% of the target, falling short by approximately NPR 105 billion.

In Poush alone, revenue collection reached NPR 160 billion. The Ministry of Finance considers this achievement satisfactory under the circumstances, highlighting several challenges faced during the period.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel described the revenue collection performance so far as encouraging. The Finance Ministry stated that the government remains focused on achieving its revenue targets in the coming months.

Mahesh Bhattarai, spokesperson for the Ministry of Finance, emphasized that achieving 84% of the revenue collection target should be viewed as a success, given the significant challenges encountered.

“Despite the October floods and landslides, reduced imports of petroleum products, a decline in the trade of petroleum vehicles, increased use of electric vehicles, a decrease in telecommunications sector trade, and lower overall imports and demand, revenue collection has remained notable,” Bhattarai explained.

The government’s efforts to sustain revenue amidst adverse conditions such as natural disasters and shifts in consumption patterns highlight its commitment to economic resilience. While challenges persist, the overall performance has been acknowledged as a step in the right direction.

Fiscal Nepal |

Tuesday January 14, 2025, 12:08:04 PM |