•      Wed Dec 6 2023

Revenue collection 15.93% and expenditures 16.02 % in first quarter

Ministry of Finance Nepal (file)

Kathmandu, Oct 18: The status of the government’s revenue collection and expenditure in the first three months of the current fiscal year is not encouraging as the collection is just 15.93 percent of the annual target and the expenditure is 16.02 percent.

According to the Office of the Financial Comptroller General, of the total expenditures in the first three months of the fiscal year 2080-81 (2023-24), the current expenditure was 18.69 percent, followed by 16.05 percent towards financial management and 5.9 percent towards capital expenditures.

The government had brought the budget of Rs 1,751.31 billion for the current fiscal year. The allocations towards current expenditure amount to Rs 1,141.78 billion with expenditures amounting to Rs 213.39 billion till October 17.

Likewise, Rs 302.07 billion has been allocated for the capital expenditure, with Rs 17.83 billion expenditures so far. Under the headings of financial management, Rs 307.45 billion was allocated and the expenditures in the first quarter amounted to Rs 49.34 billion.

The revenue collection is Rs 234.36 billion which makes up 15.93 percent of the annual target. The government aimed to collect revenues of Rs 1472.48 billion in the current fiscal.

The revenue collections towards taxation, is 15.28 percent of the annual target as the collections amounted to 199. 46 billion while it is 16.79 percent or Rs 19.65 billion towards the non-taxation.

Despite the target of securing 49.94 billion as foreign grant in the current fiscal, the achievement as of date is 0.12 percent or Rs 61.08 million.