The government has met the revenue mobilization target by the end of six months of the fiscal year.
The government has mobilized Rs 334 billion in the first six months of the current fiscal year, according to Revenue Secretary Shishir Kumar Dhungana. “The improved revenue mobilization in the last two weeks of the sixth month that ended on Sunday, helped us meet the target,” he said, adding that the government had set a target of collecting Rs 334 billion in the first six months of the current fiscal year 2017-18.
The statistics of revenue collection till Saturday, including check clearance made till Sunday morning, shows that the government mobilized around Rs 316 billion till the last day of the first half of the current fiscal year. “Rs 16 billion revenue was collected on Sunday,” he added.
The government has set a target of mobilizing Rs 730 billion revenue in the current fiscal year.
The government, which had disbursed Rs 150 billion to local units under two tranches, was under pressure due to lack of spendable money in the government treasury.
Mid-January is the last date to clear all the taxes of previous fiscal year as well as collect 40 percent of the projected income tax for the current fiscal year.
Unlike in the past years, the government has already collected over Rs 110 billion from the internal borrowing out of the target to borrow Rs 145 billion to meet the local government’s funding needs.
The government has to allocate total Rs 7.14 billion immediately for the provinces to build infrastructures and additional amounts for regular spending.