Nepali Finance Minister Bishnu Prasad Paudel felicitated 15 taxpayers for paying the highest income taxes to the government in the mentioned fiscal year.

Before you dive into the list of highest taxpayers in Nepal, let’s have a glance at the Top 15 Richest Nepalis in the World.

Here is the list of the top 15 largest income taxpayers in Nepal:

1) Highest Taxpayer

Surya Nepal Pvt. Ltd. has been felicitated as the largest income taxpayer in the country for the FY 2018-19. It is an Indo-Nepal-UK joint venture.

2) Highest Individual Taxpayer

Vijay Kumar Shah, Chairman of Jawalakhel Group of Industries, stood as the largest individual taxpayer. Jawalakhel Group is a business conglomerate involved in the manufacturing and distribution of alcoholic beverages.

3) Highest Taxpayer Among Exporters

Dabur Nepal Pvt. Ltd. was honored for being the largest taxpayer among exporters.

4) Highest Taxpayer Among Special Industries

Himal Power Ltd. stood as the highest taxpayer among special industries.

5) Highest Taxpayer Among BFIs

Nabil Bank Ltd. received the government accolade for paying the highest income tax among the bank and financial institutes.

6) Highest Taxpayer Among Agro and Livestock Industries

Annapurna Agro Industries Pvt. Ltd. was honored for paying the highest tax among agro and livestock industries.

7) Highest Taxpayer Among Cooperatives and Microfinance Companies

Chhimek Laghubitta Bittaya Sanstha Ltd. stood as the top taxpayer among cooperatives and microfinance companies.

8) Highest Taxpayer Among Insurance Companies

Nepal Reinsurance Company Ltd. was felicitated for paying the highest tax in FY 2018/19 among all insurance companies in the country.

9) Highest Taxpayer in Educational Industry

Manipal Education and Medical Group paid the highest tax in the said fiscal year among education services.

10) Highest Taxpayer Among Remittance Companies

IME Ltd. was felicitated by the Nepali Government for paying the highest tax among remittance companies.

11) Highest Taxpayer Among Trading Businesses

Agni Incorporated Pvt. Ltd. paid the highest tax in the fiscal year among the trading businesses.

12) Highest Taxpayer Among Tourism Businesses

Taragaon Regency Hotel Limited received the government felicitation for paying the highest tax among tourism businesses.

13) Highest Taxpayer Among Medium Level Taxpayers Office

Kamana Bikas Bank Ltd. was honored by Nepali Government for paying the highest income tax in the fiscal year 2018/19 among the taxpayers that are under the Medium Level Taxpayers Office.

14) Highest Taxpayer Among Inland Revenue Offices

VFS was the highest tax in the FY 2018/19 among the taxpayers across the inland revenue offices in the country.

15) Highest VAT Payer

Ghorahi Cement Industries Pvt. Ltd. paid the highest Value Added Tax (VAT) in the mentioned fiscal year.

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According to the Finance Ministry’s Revenue Division, the government has registered a Y-o-Y revenue growth of 41.7 percent with a total collection of standing at NPR 197.89 billion against the targeted NPR 192.62 billion.

Revenue Generation

Following are the areas where the government exceeded targeted revenues:

• NPR 42.49 billion from customs tariff, more than the targeted NPR 38.94 billion
• NPR 33.82 billion against NPR 29.9 billion in excise earnings
• NPR 342.7 million compared to the target of Rs 192.5 million from education service tax
• NPR 6.63 billion against the targeted Rs 4.18 billion in terms of other taxes

 
The government witnessed a slump in Value Added Tax (VAT) and income tax. These areas are worth considering owing to their contribution to the government treasury.

• VAT stood at NPR 61.02 billion compared to the targeted NPR 65.59 billion in the first quarter
• Income tax stood at NPR 27.3 billion compared to the targeted NPR 27.7 billion
• Non-tax collections also witnessed a slump with NPR 21.67 billion against the target of NPR 25.37 billion

 
However, the government had not set any targets for vehicle registration, health service and vehicle tax.

• It earned NPR 3.7 billion from vehicle tax and NPR 850 million in registration fees
• NPR 306.43 million as health service tax

 
Overall, the first quarter of the current fiscal generated a revenue of NPR 197.87 million against previous year’s NPR 139.65 billion.

Moreover, the government managed to increase its revenue collection target by 29.5 percent in the current fiscal to NPR 945.56 billion against last fiscal’s NPR 730.05 billion. 

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