CG-run companies pay Rs. 16.4 bn tax last year

 Kathmandu, Jan. 14

Companies running under the Chaudhary Group (CG) have collectively paid Rs. 16.14 billion in tax to the government in the last Fiscal Year 2022/23 which is 1.87 per cent of the total revenue collected by the government.

Issuing a statement on Sunday, the group claimed that this is the highest revenue any business group paid to the government in a year.

It also said that the contribution to the national revenue decreased in the last fiscal compared to the FY 2021/22 due to economic slowdown. Two years ago, the CG had paid Rs. 17.72 billion in taxes.

"The fact that the Chaudhary Group is able to pay high taxes even when the overall economy of the country is going through a recession and the total revenue of the government has shrunk has encouraged us. We are happy to make a significant contribution to the expansion of the national economy and the development of the nation," said Binod Chaudhary, Chairman of CG.

He also said that the Group is expanding its investment in Nepal at a rapid pace. "We believe that it will make a meaningful contribution to the national economy," he said.

Chaudhary who is also a lawmaker stressed that only by encouraging investors and improving the investment environment in Nepal, it is possible to widen the scope of revenue, so everyone's attention should be paid to this.

The group also said that it had paid Rs. 70 billion in taxes to the government in the last five fiscal years.

Likewise, Nirvana Chaudhary, Managing Director of the Group, said that the CG is expanding its investment by keeping Nepal as its main priority. "We are rapidly expanding investments in food and beverages, hospitality, financial sector, automobiles, education, infrastructure and new technology. We want to make an effective contribution to the overall economy of Nepal."

Although there is no practice of calculating and encouraging the contribution of business groups to the government's revenue in Nepal, Chaudhary Group has been making public the contribution of its group to the revenue every year, read the statement. 

 Published in The Rising Nepal daily on 15 January 2024.