Revenue collection 13.63% less than target: IRD

KATHMANDU: Inland revenue collection has failed to meet the target set for the current fiscal year 22022/23. In the first five months of the current fiscal year, the revenue collection is 13.63% less than the target, according to Inland Revenue Department (IRD). The department had set a goal of collecting revenue worth Rs 174.37 billion but during this period, only Rs 150.5 billion has been collected, which is about Rs 24 billion less than the target. Likewise, during the same period, no target has been met in the income tax, value added tax (VAT) and excise duty revenue collection. The targeted collection of income tax reached 80.61%, VAT reached 82.47% and excise duty reached 97.9% in the first five months of current FY. According to the IRD, the global scenario and the impact of internal problems on the economy caused obstruction to revenue collection. IRD Director Raju Prasad Pyakurel said the department set the target by estimating the normal situation but could not meet the target due to an extraordinary situation. Due to sluggish capital market and real estate transactions income tax collection has been affected this year. Similarly, the department also recognised that the revenue collection has decreased due to the liquidity crisis in banks, non-availability of working capital loans, restrictions on the import of goods, and low capital expenditure of the government. By RSS READ ALSO:

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