Revenue collection increased by 15 per cent in first nine months of current fiscal year

By TRN Online, Kathmandu, April 24: Federal Government revenue collection has broken the previous fiscal year (FY) record by around 15 per cent.

The Financial Comptroller General Office (FCGO) data showed that total receipts in the first 9 months of the current FY have accounted for Rs 854.9 billion in comparison to Rs 745.05 billion recorded in the same period of the previous FY.

The data showed that government receives the highest amount of receipts from the taxable revenue, followed by non-taxable revenue, grants and another kind of receipts. In the current FY, almost 86.28 per cent of the revenue is generated from taxable revenue, 7.3 per cent of revenue is generated from non-taxable revenue and 1.62 per cent is received as grants.

According to the FCGO report of the FY 2019/20, the government of Nepal contributed 87.20 per cent of the total expenditure from its own source that including domestic borrowing. The remaining expenditure is financed by foreign grants and loans that accounted for 2.12 per cent and 10.68 per cent of the total expenditure respectively.

The previous FY report revealed that out of the total expenditure of Rs 1091.1 billion, the contribution of total receipts of the government is recorded at Rs 951.4 billion and the rest of the amount Rs 139.7 billion was funded from foreign grants and foreign loans.

The current FY total receipts from the government of Nepal Rs 854.9 billion fall short by Rs 236.2 billion to exceeding the previous FY total receipts of Rs 1091.1 billion as three months left for the end of the current FY.