CG pays over Rs 18.52bn in taxes, contributes 1.96 pc to govt revenue

KATHMANDU: Chaudhary Group (CG) has paid over Rs 18.52 billion in taxes to the government for fiscal year 2023/24, contributing 1.96% to the government's total revenue. This marks the highest contribution from any company within the group.

Despite facing an economic recession, unfavourable business conditions, and a weak manufacturing and construction sector, CG has bolstered the national economy. This year’s tax contribution is a 15% increase from the previous fiscal year, rising by Rs 2.38 billion from Rs 16.14 billion in 2022/23.

"We are pleased to have made a significant contribution to the national economy despite adverse conditions. This will assist the government in fulfilling its responsibilities in national development and social security for citizens," said CG Chairman Binod Kumar Chaudhary. "We are proud to contribute to the expansion of the national economy and the country’s development projects."

In the past five years, CG has paid Rs 76.54 billion in taxes, with Rs 9.87 billion in 2019/20, Rs 14.28 billion in 2020/21, Rs 17.72 billion in 2021/22, Rs 16.14 billion in 2022/23, and Rs 18.52 billion in 2023/24.

CG Managing Director Nirvana Chaudhary said, "Our annual revenue contribution is growing, and we aim to maintain this growth rate in the coming years. We are investing in infrastructure and new technology-based businesses, which we believe will contribute to the nation’s overall economic development." 

While Nepal lacks a system to separately calculate and acknowledge business groups’ contributions to government revenue, CG has transparently published its annual tax contributions. The distinction between taxes paid by businesses and individuals sometimes causes public confusion. To address this, CG publishes detailed contributions annually.

"We urge relevant authorities to establish mechanisms to calculate and disclose taxes paid by business groups at the government level. This will present an accurate picture of the contributions made by business groups to the national economy," added Managing Director Chaudhary.

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