Telecom, banking players
enjoy impressive jump; manufacturers lose out
As Nepal´s service sector
enjoyed a robust growth amid growing consumption, big manufacturers withered
away under the heat of labor stir and bandas, failing badly to hold their
position among the top taxpayers of the country in 2008/09 fiscal year.
Large client base and rapid expansion drive enabled the state-owned telecom
giant Nepal Telecom (NT) to consolidate its position as the largest taxpayer
of the country during the year. The telecom giant contributed Rs 7.42 billion
to the state coffer during the year, which was a 16 percent growth over
what it paid in the previous year, shows a Ministry of Finance record.
Spice Nepal, the private operator of Mero Mobile brand, marched into the
second position from the third position in the preceding fiscal year, pushing
down Surya Nepal, the regular second largest taxpayer, in 2008/09. Spice
Nepal paid Rs 1.92 billion in taxes to the government during the year,
up from Rs 627.10 million of the previous year.
Gorkha Brewery, the manufacturer of leading beer brands such as Tuborg,
Carlsberg and San Miguel, also climbed up the ladder to the third spot
from the fourth place, thanks to increased consumption. The subsidiary
of the Khetan Group paid Rs 1.90 billion in tax in 2008/09, which was a
rise of more than two-fold over what it paid a year earlier.
Surya Nepal, the cigarette and apparel manufacturing giant, found itself
in the fourth spot during the year, even though it paid Rs 1.26 billion
in tax to the government -- a figure that was two-fold higher than the
amount it paid a year ago.
Interestingly, the positions from the 5th to 10th largest taxpayers of
the country were occupied by the commercial banks. By contributing Rs 447.60
million in the state treasury, the country´s first private commercial bank,
Nabil Bank, jumped up a position to the fifth spot, displacing Standard
Chartered Bank, which paid Rs 438.90 million in tax in 2008/09, to the
sixth spot.
Nepal Investment Bank, with the contribution of Rs 381.20 million in state
coffer, became the seventh largest taxpayer, whereas Himalayan Bank, state-owned
Agricultural Development Bank and Everest Bank Limited secured the 8th,
9th and 10th spots. They had paid taxes of Rs 318.10 million, Rs 304.20
million and Rs 267.20 million respectively.
Among the manufacturing players, Unilever Nepal was ranked third leading
taxpayers. However, in the overall list, it was ranked as the 14th largest
taxpayer of the country. Unilever Nepal had paid tax of Rs 222 million
in 2008/09.
“It is not surprising that the positions of taxpayers switched as per
the way economy performed,†said a government source, referring to the
negative growth of manufacturing sector and rosy growth of the service
sector.
Top players
Nepal Telecom - Rs 7.42b
Spice Nepal - Rs 1.92b
Gorkha Brewery - Rs 1.90b
Surya Nepal - Rs 1.26b
Nabil Bank - Rs 447.60m
Standard Chartered - Rs 438.90m
Nepal Investment Bank - Rs 381.20m
Himalayan Bank - Rs 318.10m
Agricultural Dev Bank - Rs 304.20m
Everest Bank - Rs 267.20m
