Finance Minister pledges to expand tax base and reform tax regime

Posted on: July 18, 2017 | views: 58

The government has expressed its commitment to expand the tax base and to reform the tax system so as to give momentum to the economy.

Addressing a news conference organized to share about the revenue collected by the government and the works carried out by the Finance Ministry in the previous fiscal year  today, Finance Minister Gyanendra Bahadur Karki said the ministry is vigorously working towards propelling the country towards prosperity.

Stating that the government has set the target of collecting Rs 730 billion 55 million 500 thousand revenue in the current fiscal year, he said the revenue Rs 611 billion 767 million 896 thousand was collected in last fiscal year.

The Finance Minister said the revenue collection last fiscal year exceeded the target because of broadening of the tax base, upgrading of tax realisation standard, promotion of technology-oriented services in revenue administration, leakage control and administrative reforms. 

He added that the success in revenue collection was achieved due to the expansion in the number of tax-payers, the favourable economic activities created by the 6.9 per cent economic growth, increase in the investment in the reconstruction works, the new system of tax initiated at the point of origin at customs and tax investigation.