Himalayan Bank Ltd has stood as the highest tax payer among all the banks in Nepal. Chief Secretary Lok Darshan Regmi felicitated Chief Executive Officer of the Bank Ashoke SJB Rana in recognition of this.
At a time when the bank has been making progress in various areas in recent years under CEO Rana’s leadership, this is another major achievement in its feathers. Since last six years, Department of Inland Revenue has been organizing the tax day, felicitating the top tax payers in ten different categories.
Similarly, Chief Secretary Regmi also honored Siddhartha SJB Rana, Chairman of Sipradi Group of Companies, as an individual paying the highest income tax. Among the trading companies, Sipradi Trading stood as the company to pay the highest tax.
Senior government officials have emphasized on the need for effective implementation of tax laws, widening the tax net and efficient revenue mobilization.
Addressing a program organized by the Inland Revenue Department (IRD) on the occasion of the Sixth National Tax Day, Chief Secretary Lok Darshan Regmi said the tax net should be widened to increase the number of sources for domestic resources to carry out development activities.
Regmi said that the base of value added tax (VAT), income tax and excise should be widened to manage domestic resources. “The role of tax revenue is valuable in resource mobilization. So, the tax bracket should be increased to help carry out more development works,” he stated.
He also emphasized that the tax administration needs to win the trust of taxpayers to enhance the sources of revenue. “A taxpayer-friendly environment is very important for tax collection. Tax officers have to behave in a cordial manner with taxpayers and win their trust,” Regmi added.
Similarly, Finance Secretary Shankar Prasad Adhikari said that the government is facing challenges of resources in implementing the federal system and achieving the goals set in the constitution. “The tax base needs to be widened but further still the current tax system has to be improved to create an investor-friendly environment in the country.”
Revenue Secretary of the Ministry of Finance, Shishir Kumar Dhungana, said there is still room for improving the domestic sources of revenue and the tax authority needs to work on this in the future. “We do have a strong tax base; however, we still need to make improvements in many areas. The tax authority must take it seriously to strengthen the tax net and federal economic system,” he stated.
On the occasion, Kishor Jung Karki, director general of IRD, expressed commitment to improve the tax policies and taxpaying environment. He also said that he would emphasize on technical reforms at the IRD and tax offices that are functioning under it.
“The tax offices and officials will be more transparent, responsible, technology-friendly and taxpayer-friendly in the future. We are committed to reform our system according to the federal system adopted by the country,” he informed.
Annually the tax authority has been felicitating the highest taxpayers on the occasion of the National Tax Day. This encourages people to pay tax for the country.
1. Individual income tax: Siddhartha SJB Rana, chairman, Sipradi Group of Companies
2. Trading: Sipradi Trading
3. VAT contributor: Pawan Kumar International
4. Industry: Himal Power
5. Corporate income tax: Surya Nepal
6. Small-scale income tax: Dr Upendra Devkota
7. Medium-scale income tax: Gorkha Dev Bank
8. Agro-based industry: National Seed Company
9. Exporter: Verscend Technology
10. Bank: Himalayan Bank
11. Cooperative: National Cooperative Bank
12. Health and Education Sector: Triyog Higher Secondary School
13. Tourism: Tiger Tops
14. Insurance: Nepal Reinsurance Company
15. Information technology: World Link Communications