Top Tax payer of Nepal

Monday, 11 May 2009

The list of top ten taxpayers of 2007/08 also indicates that despite the political turmoil and deteriorating business environment, Nepal's leading corporate players have recorded double-digit growth in terms of tax payment.
As was the case last year, Nepal Telecom (NT) and Surya Nepal top the list of taxpayers. In 2006/07, NT was the biggest taxpayer followed by Surya Nepal.

According to Finance Ministry data, NT paid Rs. 6.38 billion as income tax and value-added tax (VAT) to the government in 2007/08.

Surya Nepal, the manufacturer of cigarettes and readymade garments is the second biggest taxpayer. There was 52 percent increment in the tax Surya Nepal paid. The surprise in the list is Spice Nepal, the only new entry in the list.

Gorkha Brewery, which held the fifth position previously is now fourth. Likewise, Standard Chartered Bank paid Rs. 527.3 million to the government to make it to the fifth position. Nabil Bank, Nepal's first joint-venture bank followed with tax payment of Rs. 439.1 million. Last year, Nabil was ahead of Standard Chartered. Standard Chartered and Nabil both have paid 83 percent and 28 percent more tax respectively compared to the last fiscal year.

Seventh in the list, Himalayan Bank paid Rs. 417.1 million -- a 122 percent increment compared to 2006-07. Nepal Investment Bank ranked eighth with Rs. 393.9 million in tax. Agriculture Development Bank, which ranked fourth earlier, slid to the ninth position with tax payment of Rs. 251.5 million. Civil Aviation Authority of Nepal (CAAN) is at the tenth position with Rs. 251 million.