Submit your Article

The government is on track to miss its revenue targets yet again as collection has reached just 50.24 percent with just four months remaining in the fiscal year 2024-25.

According to the Financial Comptroller General Office (FCGO), revenue collection stood at barely half the annual target as of March 11, with the current fiscal year set to conclude in mid-July.

Tax revenue collection has reached 49.19 percent of the target, while non-tax revenue performance is comparatively better at 60.27 percent. However, the government’s performance in securing grants has been particularly poor, with only 17.43 percent of the targeted amount realized by March 11.

The government set an ambitious revenue target of Rs 1,419.30bn for the current fiscal year—a 34 percent increase over the Rs 1,039bn collected in 2023-24. So far, it has raised Rs 713.08bn.

The sluggish revenue mobilization is due to lower-than-expected tax collections and a shortfall in foreign grants. The government aims to collect Rs 1,284.20bn in tax revenue,
Rs 125.09bn in non-tax revenue and Rs 52.32bn in grants in the current fiscal year. However, it has so far collected only Rs 631.65bn in tax revenue, Rs 81.42bn in non-tax revenue and Rs 9.11bn in grants.

Despite gradual improvements in the economy—such as a nearly 10 percent increase in imports compared to the last year and growth in domestic production—revenue collection has not kept pace. Officials suspect that widespread revenue evasion is a key factor behind this shortfall.

Recognizing the shortfall, the Ministry of Finance has revised the revenue target downward to Rs 1,286bn through the mid-term review of the budget. However, achieving even this revised target is becoming challenging for the government. The government must collect nearly Rs 550bn in the remaining four months to meet the revised target. With average monthly revenue collection currently at just Rs 90bn, meeting the target will be difficult, even though revenue collection typically surges in the final month of the fiscal year (mid-June to mid-July).

This is not the first time the government has struggled to meet its revenue goals. In the previous fiscal (2023-24), it fell short by Rs 379bn, collecting only 74.29 percent of the
Rs 1,093bn target. Revenue mobilization was even worse in 2022-23, when the government collected just 68.23 percent of the Rs 1,403bn target—the poorest performance in the past five years. In contrast, the government achieved 90.24 percent of the Rs 1,180bn target in 2021-22 and 92.5 percent of the Rs 1,011bn target in 2020/21—the highest collection rates in recent years.

Prime Minister KP Sharma Oli has extended warm greetings and best wishes on the occasion of Phagu Poornima or Holi to all Nepalis living at home and abroad.

Taking to his social media account, he has expressed his best wishes to all Nepali brothers and sisters, calling the festival of joy and enthusiasm also as Basantaotsav and Madanotsav.

Stating that Phagu Poornima is celebrated during the full moon of the spring season and considered the day of the renaissance of nature, Prime Minister Oli has said in his Facebook page, "Best wishes to everyone on the occasion of Phagu Poornima, the festival of joy and enthusiasm. Happy Holi!"

More than 100 men took to the streets of Lalitpur, demonstrating their commitment to ending violence against women and girls. The ‘Men’s March: Men Against Violence Against Women and Girls’ was organized to mark International Women’s Day. The rally commenced from Jawalakhel and passed through Pulchok, Gabahal, and Mangalbazaar before culminating in a large gathering at Patan Durbar Square. A significant number of women also joined the concluding assembly, reinforcing the message of collective responsibility in addressing gender-based violence.

Addressing the gathering, Surendra Basnet, Executive Vice-president of the National Youth Council, emphasized that true awareness and empowerment come from rejecting discrimination and ensuring dignity and equality for women. Bam Bahadur Baniya, Vice-president of the National Child Rights Council, highlighted the importance of instilling gender equality in children from an early age through school education. Dharma Raj Rimal, President of Yuwalaya, the coordinating organization, noted that Yuwalaya has been leading such initiatives for the past decade, underscoring men’s solidarity with women on International Women’s Day.

The 'Economic Procedure and Fiscal Responsibility (First Amendment) Bill, 2081' has been tabled in the House of Representatives.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel presented the bill in today's meeting of the lower house of the Federal Parliament.

Responding to queries raised by lawmakers who had submitted notice of protest on the occasion, Minister Paudel argued that it was not constitutional that the federal government should make laws only and all development works should be given to the provincial government.

"The statement that the federal government should only make laws and give all the development works to the provincial government may seem attractive to the ear at first. But the country does not make progress in this way. We have a three-tier government, we have provided a structure with executive, legislative and judicial powers at all three levels,” he said.

DPM and Finance Minister Paudel said that the government would move ahead after discussing the tax-related policies while preparing the upcoming fiscal budget.

Lawmakers Prabhu Saha, Prakash Jwala, Prem Suwal, Chitra Bahadur KC, Devendra Poudel and Narayani Sharma had registered a notice of protest against the proposal seeking permission to introduce the Economic Procedure and Financial Responsibility (First Amendment) Bill, 2081 BS.

Saha said the government has not been able to give anything to the people in return for collecting taxes from them while Jwala said that the government has ignored the parliament, parliamentary committees and lawmakers.

Suwal said that the new generation should be cultured and disciplined to make the economic procedure transparent. He said that the incident of vandalisation of the office of the Dean of the Institute of Science and Technology by the students of one of the ruling parties has come to light.

Chitra Bahadur KC demanded that the country's economic development should be done in a proportional manner in practice.

Devendra Poudel opposed the Economic Procedure and Fiscal Responsibility (First Amendment) Bill, 2081, saying it had reduced the role of the Planning Commission.

Narayani Sharma protested that the government had brought the bill through an ordinance without completing all the procedures at a time when the Economic Procedure and Financial Responsibility Bill was moving ahead in the process of discussion in the parliamentary committee.

The meeting had rejected the notice of opposition regarding the Economic Procedure and Fiscal Responsibility (First Amendment) Bill, 2081 by a majority.

The Bill on Amending Some Nepal Acts Related to Promotion of Good Governance and Public Service Delivery, 2081 BS has been presented in the House of Representatives.

Minister for Communications and Information Technology Prithvi Subba Gurung tabled the bill on behalf of Prime Minister KP Sharma Oli.

Presenting the bill, Minister Gurung said the ordinances had to be brought as the related legislations were needed when both the houses of parliament were not in session.

He said any kind of prejudice narrowed the horizon of thinking and it is a parochial view to oppose the ordinance just by its name without going into its contents.

Stating that he respected the lawmakers' views, Minister Gurung, who is also the government spokesperson, urged the MPs to think in a constructive manner.

Contending that the government's bringing the bill is in alignment with the constitution, he requested the cooperation of lawmakers for the bill's passage from the House.

Before this, the House of Representatives' meeting had rejected the note of dissent against the proposal seeking permission to present the bill in the House.

The House meeting rejected by a majority the note of protest on the proposal received from lawmakers Prabhu Saha, Prakash Jwala, Prem Suwal, Hitraj Pandey, Chitra Bahadur KC and Durga Rai.

The Nepal Stock Exchange (NEPSE) gained 17.28 points to close at 2, 736.48 points on Wednesday.

Similarly, the sensitive index surged by 2. 55 points to close at 459. 03 points.

A total of 22,941,365-unit shares of 323 companies were traded for Rs 8. 23 billion.

Meanwhile, Peoples Hydropower Company Limited (PHCL) was the top gainer today, with its price surging by 9. 79 percent. Likewise, Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB) was the top loser as its price fell by 10.00 percent.

At the end of the day, total market capitalization stood at Rs 4. 54 trillion.

Media Alliance said that its serious attention has been drawn towards the Press Council Nepal’s decision to blacklist English Daily ‘The Himalayan Times’.

Press Council Nepal is an organization carrying a constitutional responsibility to listen to the views of both sides with priority, in accordance with a fair and transparent process. Hence, the Council should take the decision only after understanding the facts from the concerned parties, the Media Alliance said.

At a time when The Himalayan Times has already submitted a clarification letter and has been urging to remove it from the blacklist, the Media Alliance has urged the Nepal Press Council to review its decision and move ahead by holding a discussion with both sides.

The Himalayan Times has claimed that the Press Council Nepal blacklisted it without holding any discussion.

The Media Alliance said that it would like to draw the attention of the Press Council to provide an environment for the press to fulfill its responsibilities with confidence, while being mindful that quick decisions do not undermine press freedom and democratic values.

Koshi Province Chief Minister Hikmat Kumar Karki has said collaborative efforts among the three-tier government are needed to combat drug abuse.

Inaugurating a program entitled 'Fight onward against drug abuse' organized by the Koshi Province Police today, the Chief Minister urged the three-level governments to implement the awareness programs against substance abuse before it is late.

The three-level governments should collaboratively reach the community, making them aware of consequences of drug abuse.

He also pledged to allocate a budget for containment of drug addiction in the upcoming fiscal year.