Even though there are no significant number of coronavirus infection cases in Nepal, the nation is suffering adversely from the implications of the contagion.<\/p>\n
So far, the Nepali Government has managed to reach only 53.46%<\/strong> of its annual revenue target due to the drop in all economic activities over coronavirus pandemic. Moreover, the government has only 3 months in the current FY 2019\/20 to reach the target, which is unfeasible.<\/p>\n According to the Financial Comptroller General Office (FCGO), the Nepali Government has collected only NPR 590.63 billion in taxes against the target of NPR 1.11 trillion.<\/p>\n As of April 12, 2020, the total taxes collected by the government accounts to 53.46% of the NPR 1 trillion target. So, the government has to collect taxes worth NPR 470 billion in the remaining 3 months to meet the annual target.<\/p>\n[MUST READ:<\/strong> COVID-19: Another Blow to Nepal’s Economy<\/a><\/p>\n The coronavirus pandemic has thrown a spanner in the economic activities across the country. Meanwhile, the \u2018StayAtHome<\/strong>\u2019 policy has impeded the collection of excise duty, customs duty and income tax.<\/p>\n Due to the nationwide lockdown from mid-March, the government was able to collect taxes worth only NPR 42 billion.<\/p><\/blockquote>\n[ALSO READ:<\/strong> COVID-19 Impacts Nepal\u2019s Inflation Rate<\/a>‘]\n In order to boost the revenue collections, the Nepali Government even directed the Revenue Department to facilitate the implementation of a 10% VAT refund on electronic payments.<\/p>\n However, the colossal impact of coronavirus pandemic on the economy of the country made the online payment facility unworthy.<\/p>\n[MUST READ:<\/strong>\u00a0Nepal Launches Coronavirus Website and Mobile App]<\/a><\/p>\n Apart from disrupting the revenue collection, the COVID-19 outbreak has also impacted the nation\u2019s capital expenditure capacity.<\/p>\n The unavailability of construction materials or shortage of workers has hindered almost all big projects in the country.<\/p><\/blockquote>\n According to the Financial Comptroller General Office (FCGO), the Nepali Government has managed to spend only 26% of the NPR 408 billion capital expenditure budget allocated for development activities.<\/p>\n So far, Nepal has reported only 14 coronavirus infection cases<\/a> and has somehow managed to escape the worst.<\/p>\n Stay Tuned to Nepali Sansar for Latest News Updates<\/a> on COVID-19!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Even though there are no significant number of coronavirus infection cases in Nepal, the nation is…<\/span><\/p>\n