KMC collects Rs 2.92 billion in revenue in four months

Kathmandu / Nov 26: In the first four months of the current fiscal year (FY) 2023/24, Kathmandu Metropolitan City (KMC) has collected 27.11 percent of the annual revenue target. Chief of Revenue Department of KMC Dhruba Kafle said that Rs 2.92 billion in revenue was collected in the four months of Shrawan (mid-July to mid-August), Bhadra (mid-August to mid-September), Ashoj (mid-September to mid-October) and Kartik (mid-October to mid-November).

KMC aims to collect a total revenue of Rs 10.81 billion in the current FY.

Comparatively, the revenue increase during the same period last year was 26.49 percent, with Rs 2.76 billion collected against an annual target of Rs 10.42 billion.

A total of 147 percent more than the target has been collected in administrative service fee. Rs 2.9 million has been raised out of the annual target of Rs 2 million.

A total of Rs 418.6 million i.e. 27.91 percent of revenue has been collected from property tax which has a target of Rs 1.50 billion. Last year, a target of Rs 1 billion was set under this heading, and in the first quarter, Rs 524.7 million or 52.48 percent of revenue was raised.

This year, Rs 819.2 million or 30.80 percent of revenue has been collected from house rent tax, which has a target of Rs 2.66 billion. Last year, 40 percent of the target of Rs 2 billion was collected under this title, i.e. 783.7 million.

Similarly, Rs 100.92 million rupees or 9.10 percent of revenue has been collected from the real estate registration fee, which has a target of Rs 1.20 billion. In the first quarter of the previous year, Rs 116.8 million was collected against a target of Rs 2.50 billion.

The metropolis has set a target of Rs 100 million in tourism fees, but has earned Rs 59.11 million i.e. 59.11 percent of the target. As the target is to earn Rs 5 million from other sales, the metropolis has collected Rs 5.96 million in revenue in the quarterly period.

Kafle said that during this period, Rs 1.78 million was collected from relationship verification certificate fees, Rs 7.58 million from administrative fines, and Rs 218.1 million from business registration fees. During this period, the metropolis was targeted to collect Rs 5 million from relationship verification certificate fees, Rs 20 million from administrative penalties and Rs 710 million from business registration fees.

In the first four months in the metropolis, 4.95 percent of the target i.e. Rs 3.96 million has been received from advertisement tax.

Along with this, the KMC receives income from parking fees, blueprint approval fees, recommendations, judicial fees, personal grants, royalty on forest, interest received from financial institutions, equalization grants, etc.

This year, the metropolis had set a target of Rs 1.42 billion for conditional grants and Rs 295 million for capital grants. In which Rs 356.6 million in the current conditional grant and Rs 7.38 million in conditional capital grant i.e. 25 percent have been received on both sides.

Kathmandu Metropolitan City has set a target of disbursement of Rs 25 million but has disbursed Rs 13.4 million or 54 percent in the first four months.