The Inland Revenue Department has honoured 15 companies and an individual, who paid the highest income tax under various categories for their earnings in the fiscal year 2022/23, on the occasion of the National Tax Day on Saturday, November 16.
Nepal Telecom, the state-owned telecommunications service provider, was honoured as the highest income taxpayer while Shruti Traders topped the list among the private companies.
Rajbahadur Shah was felicitated as the highest taxpayer among the individuals.
Similarly, Dabur Nepal, which topped the list among companies involved in export of goods, and Codavatar Tech, which exports information technology-related services, were also recognised for their contribution during the occasion.
While Patanjali Ayurveda topped the taxpayers list in the agriculture and livestock sector, Nabil Bank became the highest taxpayers among the banks, financial institutions and insurance sector.
In the health and education sector, Lumbini Medical College and Teaching Hospital was honoured, while in the tourism sector, Taragaon Regency Hotel received the recognition.
Bhatbhateni Supermarket and Departmental Store was recognised as an outstanding taxpayer in the retail trade sector.
Among companies with a turnover between Rs 500 million and Rs 1 billion in the fiscal year, CDS and Clearing was honoured as the highest taxpayer.
In the energy sector, Bhotekoshi Power Company was recognized, while in the remittance and money transfer sector, City Express Money Transfer was also honoured.
The government recognized Hongshi Shivam Cement as the company with the highest and most regular VAT payments from the period between fiscal year 2018/19 and 2023/24.
Similarly, Solti Enterprises was honoured for paying the highest income tax among companies with an annual turnover of up to Rs 500 million, and Varun Beverages for filing the highest income tax in the special industries category.
During the occasion, Deputy Prime Minister and Finance Minister Bishnu Paudel expressed dissatisfaction over the performance of IRD and its subordinate bodies, reported RSS, the state-owned news agency. Paudel urged them to “be more serious to achieve revenue targets”.
“Modernisation of tax administration, minimisation of cost, development of technological workforce and expansion of tax net should be the priorities,” said Paudel.
Finance Secretary Ram Prasad Ghimire argued that the tax net would be expanded automatically once the national economy is made vibrant and an investment atmosphere created.
As the government has failed to boost the private sector’s confidence, a huge amount of loanable funds has remained in the banking system, further slowing down the economy.
According to Revenue Secretary Dinesh Kumar Ghimir, efforts were underway in the policy and structural fronts to bring reforms in the revenue sector.
Entrepreneur Raj Bahadur Shah, the highest income taxpayer among the individuals, said political instability has been a major obstruction to an investment-friendly atmosphere.
(With inputs from RSS)
