Tag: Collected

  • Nepal’s Government Records Revenue of Rs. 84.75 Billion from Alcohol and Cigarette Sales in the Past Fiscal Year

    Nepal’s Government Records Revenue of Rs. 84.75 Billion from Alcohol and Cigarette Sales in the Past Fiscal Year


    During the last fiscal year, the Internal Revenue Department (IRD) of Nepal reported that the government accrued a total revenue of Rs. 84.75 Billion from the sales of alcohol and cigarettes. This revenue distribution comprises Rs. 26.22 Billion from cigarettes, Rs. 25.92 Billion from alcohol, and Rs. 32.61 Billion from beer.

    The source of this revenue lies in the imposition of excise duty on cigarettes and alcohol at customs points. In the preceding year, the revenue figures for cigarettes, alcohol, and beer were Rs. 24.56 Billion, Rs. 30.41 Billion, and Rs. 31 Billion, respectively.

    The excise duty on alcohol is determined by its alcohol content strength, ranging from Rs. 1,250 to Rs. 2,120 per liter. As for unfiltered cigarettes, the excise duty is set at Rs. 730, whereas for filtered cigarettes, it varies between Rs. 1690 and Rs. 4080.

  • Till the eighth month of FY 79/80, life insurance companies collected an impressive premium of Rs. 93.75 Arba.

    Till the eighth month of FY 79/80, life insurance companies collected an impressive premium of Rs. 93.75 Arba.


    Insurance companies are competing with one another to collect more premiums. Out of its 1.4 crore total active insurance policies, life insurance companies collected a total premium of Rs. 93.75 Arba during the fiscal year 2079/80.

    According to a report published by the Nepal Insurance Authority, Nepal Life Insurance Company Limited collected Rs. 24.37 Arba on its own, with 978,626 active insurance policies as of Falgun, 2079.

     

  • The government’s spending exceeds its revenue by Rs 1.56 Kharba.

    The government’s spending exceeds its revenue by Rs 1.56 Kharba.


     

    For the first eight months of the current fiscal year 2079/80, the government’s budget deficit exceeded Rs. 1.56 Kharba. By the end of Falgun, the government had spent 7.79 Kharba of its budget, but had only collected 6.22 Kharba in total revenue.

    Meanwhile, only 22.15% of capital expenditure (CAPEX) is used until the end of Falgun’s fiscal year 2079/80.

    The government’s capital expenditure is the money spent on the development of physical assets. In Nepal, the capital budget is funded by balancing domestic revenue after the recurrent budget, grants, and loans have been met. According to the Financial Comptroller General Office, only Rs. 84.25 Arba of the capital budget has been spent out of the targeted budget of Rs. 3.80 Kharba.