Kathmandu Metropolitan City has reported an increase in revenue collection up to the end of Kartik in the current fiscal year 2082/83 compared to the previous year.
According to the metropolis, it collected Rs 3.224125149 billion during this period, whereas the collection during the same period last fiscal year was Rs 3.167614657 billion.
Last year, the revenue target was set at Rs 12.906325 billion. For the current fiscal year, the metropolis has set a target of Rs 15.114341 billion, according to Deepak Adhikari, Chief of the Revenue Department.
So far in the current fiscal year, internal revenue collection stands at Rs 1.9681757 billion. During the same period last year, internal revenue collection was Rs 1.990267695 billion. Adhikari stated that the primary reason for the decline in internal revenue this year is the drop in property tax collection.
In the first four months of the previous fiscal year, Rs 503.103738 million had been collected in property tax, but during the same period of the current fiscal year, only Rs 427.654276 million has been collected.
Adhikari said, “Last year, it was decided that property tax would be collected at the rate determined by the Land Revenue Office. After taxpayers raised concerns, the executive meeting held in Ashoj 2081 decided to revert to the old rate. Due to this adjustment, property tax collection decreased this year.”
However, rental tax collection has increased this year. According to Adhikari, rental tax collection rose from Rs 948.528154 million last year to Rs 1.02929757 billion this year.
Similarly, business tax collection has also increased. Last year, Rs 228.087708 million was collected during this period, while Rs 233.23617 million has been collected so far in the current fiscal year.
