KATHMANDU: In the first half of the current fiscal year 2024–2025, the government collected a total of Rs 559 billion in revenue, which is Rs 63 billion more than it did during the same period last year. This results in a 13% rise in the amount of money collected.
At the end of Poush (mid-January) in the last fiscal year, Rs 496 billion was collected in revenue. For the current fiscal year, the target revenue collection stands at Rs 1.419 trillion. By mid-January of this fiscal year, the total revenue collection reached Rs 567 billion, which constitutes 40 percent of the total annual target.
The government set a revenue target of Rs 672 billion for the first half of the current fiscal year. Eighty-four percent of the aim was met by the revenue gathered over these six months. The government received Rs 160 billion in revenue in just the month of Poush.
Bishnu Prasad Paudel, the finance minister and deputy prime minister, emphasized the increase in tax revenue over prior years. He underlined the importance of maintaining emphasis on achieving the revenue goals for the balance of the fiscal year.
Despite challenges such as the impact of mid-September floods and landslides, a drop in petroleum imports, and a reduction in the market for petroleum-powered vehicles, the government has managed to collect a sizable sum of money. The revenue performance held up well in spite of these challenges, which also included a drop in imports and an impact on the telecom sector.
Mahesh Bhattarai, the spokesperson for the Ministry of Finance, recognized that the revenue collection in the first half of the fiscal year was impressive despite these difficulties. He ascribed the favorable result to the government's initiatives and plans to sustain steady income growth in spite of a number of economic difficulties.
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