With the increment in the number of transactions of land and houses, revenue collection from land and house registration tax also surged significantly across the country in the last fiscal year.
With the increment in the number of transactions of land and houses, revenue collection from land and house registration tax also surged significantly across the country in the last fiscal year. The government collected Rs 19.29 billion revenue from land and house registration tax in the last fiscal year 2016-17, which was 39.8 % higher than the figure of the previous fiscal.
The government had collected Rs 13.79 billion revenue under the same heading in fiscal year 2015-16, and Rs 9.84 billion in fiscal 2014-15. According to the economic activities study report unveiled by Nepal Rastra Bank (NRB), 816,789 units of land and houses were registered in the last fiscal year, which was 9% higher than the previous fiscal. Similarly, the government approved designs and drawings of 52,476 buildings in the last fiscal year, which is 32.4 % higher than that of the previous year.
“Transactions of land and houses increased in the last fiscal year and that helped boost the government revenue under the land and house registration tax,” NRB said in its study report. The central bank had conducted the study in Kathmandu, Biratnagar, Janakpur, Birgunj, Siddharthanagar, Nepalgunj and Dhangadi areas. According to NRB, it has analysed the data provided by the municipalities, sub-metropolitan cities and metropolitan cities of 57 districts across the country. Though the financial sector faced a problem of credit crunch in the last fiscal year, transactions of land and houses increased in the country.