Telecom, banking players enjoy impressive jump; manufacturers lose outmyrepublica.com, 1-Sep-09
As Nepal´s service sector enjoyed a robust growth amid growing consumption, big manufacturers withered away under the heat of labor stir and bandas, failing badly to hold their position among the top taxpayers of the country in 2008/09 fiscal year.
Large client base and rapid expansion drive enabled the state-owned telecom giant Nepal Telecom (NT) to consolidate its position as the largest taxpayer of the country during the year. The telecom giant contributed Rs 7.42 billion to the state coffer during the year, which was a 16 percent growth over what it paid in the previous year, shows a Ministry of Finance record.
Spice Nepal, the private operator of Mero Mobile brand, marched into the second position from the third position in the preceding fiscal year, pushing down Surya Nepal, the regular second largest taxpayer, in 2008/09. Spice Nepal paid Rs 1.92 billion in taxes to the government during the year, up from Rs 627.10 million of the previous year.
Gorkha Brewery, the manufacturer of leading beer brands such as Tuborg, Carlsberg and San Miguel, also climbed up the ladder to the third spot from the fourth place, thanks to increased consumption. The subsidiary of the Khetan Group paid Rs 1.90 billion in tax in 2008/09, which was a rise of more than two-fold over what it paid a year earlier.
Surya Nepal, the cigarette and apparel manufacturing giant, found itself in the fourth spot during the year, even though it paid Rs 1.26 billion in tax to the government -- a figure that was two-fold higher than the amount it paid a year ago.
Interestingly, the positions from the 5th to 10th largest taxpayers of the country were occupied by the commercial banks. By contributing Rs 447.60 million in the state treasury, the country´s first private commercial bank, Nabil Bank, jumped up a position to the fifth spot, displacing Standard Chartered Bank, which paid Rs 438.90 million in tax in 2008/09, to the sixth spot.
Nepal Investment Bank, with the contribution of Rs 381.20 million in state coffer, became the seventh largest taxpayer, whereas Himalayan Bank, state-owned Agricultural Development Bank and Everest Bank Limited secured the 8th, 9th and 10th spots. They had paid taxes of Rs 318.10 million, Rs 304.20 million and Rs 267.20 million respectively.
Among the manufacturing players, Unilever Nepal was ranked third leading taxpayers. However, in the overall list, it was ranked as the 14th largest taxpayer of the country. Unilever Nepal had paid tax of Rs 222 million in 2008/09.
“It is not surprising that the positions of taxpayers switched as per the way economy performed,” said a government source, referring to the negative growth of manufacturing sector and rosy growth of the service sector.
Top players
Nepal Telecom - Rs 7.42b
Spice Nepal - Rs 1.92b
Gorkha Brewery - Rs 1.90b
Surya Nepal - Rs 1.26b
Nabil Bank - Rs 447.60m
Standard Chartered - Rs 438.90m
Nepal Investment Bank - Rs 381.20m
Himalayan Bank - Rs 318.10m
Agricultural Dev Bank - Rs 304.20m
Everest Bank - Rs 267.20m
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