CG contributes 2% to national government revenue

KATHMANDU: Chaudhary Group has paid Rs 18.52 billion in taxes for the fiscal year 2080/81, which accounts for approximately 1.96% of the total government revenue.

This contribution is the highest among the companies operating under the group.

Despite challenges posed by the economic slowdown, a difficult business environment, and a weak manufacturing sector, Chaudhary Group has made a significant contribution to the national economy.

Due to the contraction in economic activity, the government was unable to meet its revenue collection targets in the previous fiscal year.

However, Chaudhary Group’s contribution to government revenue has increased by 15% compared to the previous year. In fiscal year 2079/80, the group paid Rs 16.14 billion in taxes, which is an increase of Rs 2.38 billion from the previous year.

Chaudhary Group’s Chair, Binod Chaudhary, expressed his satisfaction, stating, “Despite the challenging environment in the national economy, we are pleased to have made a significant contribution. This will help fulfill the government’s responsibilities in national development and social security for the people.” He further added, “We feel proud to contribute to the expansion of the national economy and the country’s development projects.”

In the past five years, Chaudhary Group has paid a total of Rs 76.54 billion in taxes to the government. In fiscal years 2076/77, 2077/78, 2078/79, 2079/80, and 2080/81, the group paid Rs 9.87 billion, Rs 14.28 billion, Rs 17.72 billion, Rs 16.14 billion, and Rs 18.52 billion, respectively.

Chaudhary Group’s Managing Director, Nirvan Chaudhary, has stated that the group has been able to make a commendable contribution to Nepal’s national economy through the establishment and expansion of new businesses. “We have been increasing our revenue contribution every year, and our goal is to maintain this growth rate in the coming years,” said Managing Director Chaudhary.

“Chaudhary Group has placed Nepal as its top priority and has been expanding its investment portfolio. We are investing in infrastructure and new technology-based businesses, and we believe this will contribute to the overall economic development of the nation.”

In Nepal, there is no official practice of separately calculating and incentivizing the contribution of business groups to government revenue.

However, Chaudhary Group has consistently published the tax contributions made by its companies every year.

It is important to note that the payments made through businesses as a taxpayer are not counted as personal taxes, which has sometimes led to confusion among the public. To clear this misunderstanding and ensure transparency, Chaudhary Group has been publishing these details annually, aiming to inform the public about its contribution to government revenue.

As a responsible business group, Chaudhary Group believes in transparency and is committed to making this information publicly available.

Furthermore, the group advocates for the government to create a system that officially calculates and publishes the taxes paid by business groups, so that the true contribution of these groups to the national economy is accurately reflected and recognized by the public.