In the first four months of current fiscal year 2008/09, revenue mobilization of the government grew by 35.4 percent to Rs.33 billion compared to an increase of 13.2 percent in the corresponding period of the previous year, Nepal Rastra Bank (NRB) said Wednesday.
Such an impressive revenue mobilization was ascribed on the high growth of income tax, VAT revenue, customs, excise, vehicle tax and registration fee as well as a high growth of non-tax revenue.
According to NRB data, of the total revenue mobilization, VAT revenue grew by 31.2 percent to Rs 12 billion in mid-November 2008. It had increased by 13.4 percent in the corresponding period of the previous year.
The growth in VAT revenue was on account of growing imports and consumption induced by the rise in remittances and reforms in VAT administration.
In the review period, customs revenue rose by 22.7 percent to Rs 7.2 billion. Similarly, excise revenue increased by 32.4 percent to Rs 4.2 billion compared to an increase of 32.3 percent in the same period of the previous year.
Income tax revenue increased by 25.9 percent to Rs 3.7 billion in the first four months of 2008/09 and non-tax revenue also grew by 73.9 percent to Rs 3.4 billion in contrast to a decline of 12 percent in the same period of the preceding year.
Similarly, exports went up by 39.9 in this first four months of the current fiscal year 2008-09 compared to the same period last year.
Exports to other countries rose significantly by 70.8 percent where as exports to India went up by 24.4 percent in the first quarter of the current fiscal year. Imports from India rose by 22.1 percent in comparison to a growth of 8.9 percent in the same period last 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.
In the reporting period, the overall balance of payment (BOP) recorded a surplus of Rs. 11.86 billion, NRB said.
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