Finance Minister stresses on VAT and income tax mobilization

KATHMANDU, June 22: Minister for Finance Gyanendra Bahadur Karki has stressed the importance of mobilizing Value Added Tax and income tax to create a resilient economy.

At a progress review of revenue collection up to mid-June of the current fiscal year at the Ministry on Wednesday, he said though Nepal has huge potential and opportunity standing in-between two big economies there are also grave challenges to tap development benefits.

He directed the bureaucrats – the permanent government mechanism – to discharge their duties in a dynamic manner.

The Minister said that performance of the employees would be made on the basis of their competence, expertise, efficiency and results aligning the concept of right person right place.

Finance Secretary Shanta Raj Subedi said though the VAT has been the base and main source of revenue mobilization, its implementation has not been effective, which requires more activism to that end.

He directed the employees to increase vigilance on potential areas of revenue risks and settlement of tax arrears.

Financial Comptroller General Rajendra Prasad Nepal said that both revenue collection and capital spending have remained satisfactory this year.

On the occasion, the chiefs of different departments, centres and offices had shared the progress made on augmenting revenue collection and checking revenue collection loopholes. RSS