Taxpayer offices nationwide experience growth in revenue collection

KATHMANDU: Tax revenue collection in Nepal has shown a promising uptick this fiscal year compared to the same period last year.

Shiva Lal Tiwari, the Director General of the Inland Revenue Department (IRD), revealed that by mid-April of fiscal year 2023/24, the revenue collected from taxpayer offices amounted to Rs 12.16 billion. This marks a 1.53 percent increase from the corresponding period in fiscal year 2022/23.

Tiwari expressed optimism that this growth trajectory would continue over the remaining two months of the current fiscal year.

Nepal boasts 39 taxpayer offices spread across the nation, facilitating the collection of various taxes such as income tax, value-added tax (VAT), excise duty, and education and health sector taxes. This decentralized structure enhances accessibility for taxpayers and ensures a more inclusive revenue collection process.

The recent completion of a performance review of all 39 taxpayer office heads and employees by the IRD underscores a commitment to efficiency and transparency. Director General Tiwari led the review process virtually, emphasizing the importance of robust revenue monitoring and heightened taxpayer awareness.

Additionally, he stressed the significance of upholding discipline within the tax collection framework while prioritizing the delivery of seamless services to taxpayers.

The proactive measures undertaken by the IRD reflect a concerted effort to optimize revenue collection processes and foster greater taxpayer engagement.

As Nepal navigates the economic landscape, these initiatives aim to bolster fiscal sustainability and promote equitable economic growth. With continued vigilance and strategic planning, the country is poised to harness its revenue potential for the benefit of all stakeholders.

Fiscal Nepal |
Tuesday May 7, 2024, 12:33:07 PM |

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