Revenue mobilisation augments by 33.1%

Revenue mobilisation augments by 33.1%
Nepalnews, 3-Feb-09

During the first five months of the current fiscal year, revenue mobilisation grew by 33.1 percent to Rs 43.1 billion compared to an increase of 21 percent in the same period last year, according to a report on the latest micro-economic situation of the country released by Nepal Rastra Bank (NRB) on Monday.

The revenue growth is ascribed to high growth of income tax, VAT revenue, excise, vehicle tax and registration fee as well as high growth in non-tax revenue.

According to NRB, the country’s exports also registered a growth of 30.9 percent during the period against a decline of 4.4 percent during the same period last year.

Overall balance of payment (BoP) saw a surplus of Rs 22.8 billion compared to a surplus of Rs 31.1 million the last fiscal year. Similarly, remittance grew by 65.8 percent in the first five months against a growth of 17.6 percent in the same period last year.
On the other hand, imports also soared by 32.6 percent this year against an increase of 8.2 percent last year. “During the first five months of this year, the government spending increased by 2.5 percent to Rs 48.5 billion compared to an increase of 44.3 percent in the same period last fiscal year,” the report said.

However, the government was absolutely unable to control price rise which stood at 14.1 percent in mid-December 2008 from 5.7 percent in the same period last year.