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Revenue Exceeds Target
The collection of revenue from various sources forms an integral part of any nation’s economy. In fact, revenue is the backbone and driving force of an economy. In the absence of smooth collection of revenue as per the target set by the government in its fiscal budget estimates, different development programmes of the government are affected adversely. Therefore, when revenue collection from various sources is affected, it has a direct bearing on the welfare of the state and its people as it affects the undertaking of development projects in the nation. A year ago, the nation had reeled under a devastating earthquake, Terai strikes and unofficial Indian blockade, which adversely impacted the economy. The Terai strikes and Indian blockade had directly affected revenue collection as well as economic activities in the nation. However, with the adoption of special measures by the government, especially by the Ministry of Finance, to thwart the ill effects of the Terai strikes and Indian blockade, revenue collection has even crossed the government target.
It is heartening to note that last fiscal year, government revenue collection increased by 19 per cent compared to the previous fiscal year, even though the existing situation in the nation was not favourable. The government collected Rs. 482 billion in revenue, which is Rs. 7 billion higher than the target set by the fiscal budget. After confronting the sudden troubles in the form of the devastating earthquake, long Terai strikes and Indian blockade, the government devised different measures to tackle these challenges to keep the task of revenues collection on track. The government set up an emergency Rs. 100 billion fund while streamlining the procurement and distribution of petroleum products to the highly needy and essential service sectors such as heavy industries, business houses and transport sectors to keep the economy in motion even during the most difficult time.
Revenue collection could cross the budget target due mainly to special measures taken by the Ministry of Finance and the government. Credit also goes to the hard work of the revenue department officials, who performed well in discharging their duties. More importantly, it is the resilient and supportive hands of the tax payers who did not waver even during the hard times and remained engaged in their work and business and paid the due taxes, although some forces inimical to the state wanted to cause disturbances in the revenue and tax collection. The Ministry of Finance, the Finance minister, government tax officials, and last but not least, the tax payers should be given kudos for achieving the favourable results. The appreciable increase in the revenues has indeed boosted the morale of the government and officials, whose perseverance, hard work have come to suggest another underlying truth: If the nation can raise more revenue than its budget target even during the most unfavourable period, it can well collect higher revenue when the time is quite favourable economically.
Nepal is holding the fourth Summit of BIMSTEC next week. The regional body is expected to discuss various issues pertaining to connectivity, investment,...