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It has been found that chimney-based brick manufacturers, who have arbitrarily raised prices at the expense of consumers, are also evading Value Added Tax (VAT). Although the brick manufacturers’ syndicate has significantly increased brick prices, they are underpaying VAT to the state. While first-class bricks are being sold in the market for Rs 19 per piece, manufacturers are paying only Rs 10.61 to Rs 12 per piece in VAT, as shown in their issued bills.

Despite selling bricks at a uniform market rate, manufacturers have been recording lower rates in VAT bills to evade revenue. Before selling bricks, they are legally required to issue a Vehicle and Consignment Tracking System (VCTS) bill along with a mandatory VAT invoice. However, many manufacturers are violating the law by issuing invoices that omit VAT and PAN details altogether.

Selema Brick Industry (SBI) in Kachanakabal Rural Municipality-5, Pathamari, has been found selling bricks using a challan bill. The SBI challan includes the seller’s name, address, brick quantity and vehicle number but does not mention VAT, PAN, or even the price of the bricks.

According to Gopal Bahadur Thapa, Chief Tax Officer at the Internal Revenue Office, Jhapa, challan bills may only be used to transfer goods from the industry to a warehouse—not for direct sales. “Since the brick industry is registered for VAT, it is mandatory to issue a VAT bill,” he said.

Similarly, Jyoti Brick Industry in Kachanakabal-7, Baluwadi, has been issuing VAT bills reflecting a rate of only Rs 10.61 per first-class brick, even though traders confirm that market prices stand at Rs 19. Based on this, industrialists appear to be evading VAT by Rs 8 to Rs 8.39 per brick. Jhapa Star Brick Industry in Kachanakabal-5 has also been deducting VAT at the rate of Rs 8 per piece for second-grade and picket bricks, even though these varieties sell for Rs 11 to Rs 14 in the market. VAT evasion appears consistent across categories.

Manufacturers are also required to use the VCTS when issuing VAT bills. However, many brick factories in Jhapa—including SBI, Jyoti, Star, and Prem—have not been doing so. Chief Tax Officer Thapa emphasized that VCTS is essential to curb VAT invoice fraud. “VAT billing alone is not enough. Without VCTS, it is also revenue fraud,” he said.

Under the Value Added Tax Act, 1995, issuing incorrect bills, under-billing, or failing to issue bills is punishable. If under-billing is proven to be intentional, it constitutes tax fraud and carries penalties including a fine equal to the evaded tax and up to six months’ imprisonment. Violation of VCTS requirements carries fines of Rs 50,000 for the first offense and Rs 75,000 for the second.

Chief Tax Officer Thapa noted that tax evasion has increased in recent years due to low consumer awareness. “If consumers demanded bills, tax evasion would decrease—even partially,” he said. He added that consumers can file complaints with the Revenue Investigation Department or the Internal Revenue Service if industries refuse to issue bills.

According to the Cottage and Small Industries Office, Jhapa, 24 chimney brick factories operate in the district. Three to four months ago, a tractor (1,500 bricks), including transportation, cost Rs 20,000 to Rs 22,000. However, the manufacturers’ syndicate has now raised the price to Rs 30,000. Despite the surge in prices and black-market sales, inspections have not taken place. Pushpalata Upreti, head of the Cottage and Small Industries Office, Jhapa, said the office has not been able to monitor industries due to the GenZ movement’s impact and limited resources.

The Birgunj Customs Office has collected Rs 22.9 billion from the imports of five different kinds of petroleum products in the first four months of the current fiscal year and Rs 10.1 billion from the imports of vehicles and auto spares during the same period.

The Office also collected Rs 4.58 billion from the imports of iron and iron-made products, Rs 4.25 billion from garments and Rs 3.17 billion from the imports of machinery and their parts.

Likewise, Rs 3.07 billion revenue was collected from the imports of electric machinery, equipment and their parts during the review period.

The Office stated that goods worth Rs 284.89 billion were imported in the first four months of the current fiscal year and the Office collected Rs 75.59 billion in revenue during the review period of the current fiscal year.

Insurers expanded their business by 15.15 percent over the first four months of the current fiscal year 2025/26. According to the Nepal Insurance Authority (NIA), non-life insurance and life insurance companies collected a combined Rs 78.05m in premiums in the review period, up from Rs 67.78bn in the same period of the previous fiscal year.

Data shows both life and non-life insurers expanded their business compared to the same period in the previous fiscal year. Premium collection by life insurance grew by 16.51 percent in the review period, while non-life premiums increased by 12.42 percent .

According to the NIA, life insurance companies collected Rs 62.21bn in total premiums between mid-July and mid-November. This marks a significant rise from Rs 53.69bn recorded during the same period last fiscal year, representing a growth of 16.51 percent. 

Renewal premiums made up a major portion of the life insurance business. By mid-November in the current fiscal year, life insurers earned Rs 49.49bn in renewal premiums alone. Nepal Life led the market with Rs 13.33bn in renewal income. National Life, LIC Nepal and Himalayan Life were next with Rs 5.58bn, Rs 5.53bn and Rs 4.95bn in renewal premiums, respectively.

Other top performers included Surya Jyoti Life (Rs 2.8bn), Asian Life (Rs 2.36bn), and Citizen Life (Rs 1.92bn). Likewise, Sanima Reliance earned Rs 1.73bn, MetLife Rs 1.62bn, Prabhu Mahalaxmi Life Rs 1.37bn, IME Life Rs 1.36bn, Reliable Nepal Life Rs 1.32bn, and Sun Nepal Life Rs 1.01bn.

Non-life companies also maintained solid momentum with a total premium of Rs 15.84bn. Sagarmatha Insurance topped the segment list with premium of Rs 1.78bn, closely followed by Shikhar Insurance with Rs 1.73bn, and Himalayan Everest Insurance with Rs 1.6bn.

Non-life companies had collected Rs 14.09bn in premiums in the first four months of the previous fiscal year. While premiums increased, the total number of active policies in life insurance declined. In the last fiscal year, life insurers had 13.3m active policies by mid-November. This year, the number dropped to 11.4m, suggesting that some policies matured, or some policyholders discontinued or failed to renew their plans.

In contrast, non-life insurers recorded growth in both premium income and policy issuance. They issued 903,098 policies in the first four months of 2025/26, up from 897,235 last year. 

The price of gold has increased by Rs 800 per tola in the domestic market on Wednesday. 

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 254, 100 per tola today. 

Similarly, the price of silver has increased by Rs 110 and is being traded at Rs 3, 655 per tola today.