Revenue collection soars to Rs 33 billion

In the first four months of the current fiscal year 2008-09, revenue mobilisation saw an impressive growth of 35.4 percent to reach Rs 33 billion compared to a rise of only 13.2 percent in the corresponding period of the last year, according to Nepal Rastra Bank (NRB).

“Of the total revenue mobilisation, VAT revenue rose by 31.2 percent to Rs 12 billion in mid-November 2008. It had posted an increase of 13.4 percent in the same period last year, states the NRB.

In the review period, custom revenue saw a rise of 22.7 percent to reach Rs 7.2 billion compared to an increase of 9.4 percent in the same period of the last fiscal year.

Similarly, exports went up by 39.9 in this review period compared to the same period last year. Exports to other countries swelled by a whopping 70.8 percent where as exports to India went up by 24.4 percent in the first quarter of the current fiscal year.

On the other hand, imports from third countries increased by 65.3 percent compared to a growth of just 2.3 percent in the same period last year. Similarly, imports from India rose by 22.1 percent in comparison to a growth of 8.9 percent in the same period last year.

According to NRB, the overall balance of payment (BOP) registered a surplus of Rs 11.86 billion in this review period. nepalnews.com January 1 09