August 10: Surya Nepal Private Limited has emerged as the highest taxpayer during the last fiscal year. According to the Large Taxpayers Office (LTO), the company paid taxes worth Rs 10.72 billion during FY 2021/22.
The LTO informed that the amount includes Value Added Tax (VAT), income tax and all other taxes liable to the government. Surya Nepal Private Limited has been operating since 1986. Indian company ITC holds the largest amount of share of Surya Nepal. The Indian company holds 59 percent share while a Nepali company and individuals hold 39 percent share. Similarly, the British American Tobacco Limited holds the remaining two percent shares.
Surya Nepal has been producing cigarettes as well as match sticks, incense sticks and chocolates.
Nepal Telecommunication Company Limited was the second highest tax payer during the review period. The Government of Nepal holds 91.49 percent shares in the company. The NTC was established 1975 and was registered as Nepal Telecom Company on February 5, 2004. Nepal Telecom paid taxes worth Rs 9.72 billion during the last fiscal year.
Similarly, Ncell Axiata Limited, a private sector telecommunication company operating in Nepal, finished third among the top taxpayers. Ncell paid taxes worth Rs 7.79 billion.
Gorkha Brewry, which produces beers like Gorkha, Carlsberg, Sanmiguel, and Somersby, was the fourth largest taxpayer during the review period for paying taxes worth Rs 5.69 billion followed by the state-owned Nepal Electricity Authority (Rs 3.95 billion). The NEA purchases electricity produced by state-owned projects as well as private sector and distributes it to the public. It also sells electricity to India when there is surplus production and imports electricity from the neighbouring country during scarcity.
Similarly, NIC Asia Bank ranks sixth among the highest taxpayers. The bank paid taxes worth Rs 3.41 billion followed by seventh-placed Nabil Bank (Rs 3.32 billion ), Global IME Bank (Rs 3.21 billion ), Siddhartha Bank (Rs 2.77 billion ), and Rastriya Banijya Bank (Rs 2.65 billion).