Find out the top 10 highest tax-paying companies in the FY 078/79 and also find where the two telecom companies Nepal Telecom and Ncell stand.
Surya Nepal Private Limited was the highest taxpayer in FY 078/79. The records showed the company paying 10.72 billion in the just-ended fiscal year. Surya Nepal makes its fortunes off its cigarette business.
This is the second year in succession that the company topped the list of highest tax-paying companies. Last fiscal year, the affluent company filed a tax of 9.34 billion.
The company had factories in Simara and Tanahun.
Surya Nepal is a joint venture of companies from Nepal, India, and the UK. The Indian company ITC India enjoys a 59% share in the company, Nepali investors own 39% and the British American Tobacco Investment Limited owns 2% shares in Surya Nepal.
Surya Nepal was established in 1986 AD. Besides cigarettes, the company also makes matchboxes, incense, and confectionary items.
Meanwhile, the government-backed telecom giant Nepal Doorsanchar Company Limited (Nepal Telecom) came second on the list. The company filed taxes of NPR.9.72 billion in FY 078/79.
Last year, the company paid NPR.9 billion to the government. Like Surya Nepal, Nepal Telecom is a regular in the list as the highest tax contributor.
At third comes another telecom company Ncell Axiata. The private operator paid 7.59 billion to the government within FY 078/79. Like Ntc, Ncell also makes its earnings from data, voice, and other telecom services.
Similarly, Gorkha Brewery came at 4th. The company is the top beer seller in Nepal. The company sells beers of various brands such as Gorkha, Carlsberg, Tuborg, etc. As per the data, the company paid 5.69 billion in the last fiscal year.
Last year, the company paid 4.24 billion in taxes and claimed a similar 4th spot.
Likewise, Nepal Electricity Authority (NEA) has claimed the 5th spot by paying NPR.3.95 billion in taxes. The company has turned around its fortunes in recent years and that has been reflected in its financial status. The company is also raking in good numbers by selling power in India at the moment.
Last year, the company had paid 2.90 billion taking the 9th spot.
The banks top the bottom half | Highest Tax-Paying companies 078/79
NIC ASIA Bank, one of the leading commercial banks in Nepal came 6th after filing taxes of 3.41 billion. The Class A bank had paid 3.61 billion last fiscal year.
Another elite commercial private bank Nabil Bank Limited has claimed the 7th rank in the list. The bank settled 3.97 billion in FY 078/79. Last year, the bank topped the list in the banking sector with 3.97 billion payments in taxes.
Another bank Global IME has claimed the 8th spot. The stats show that the bank paid 3.21 billion in FY 078/79.
Siddhartha Bank and Rastriya Banijya Bank have claimed respectively 9th and 10th position.
Siddhartha Bank paid 2.77 billion in taxes last fiscal year while the government-backed NRB filed 2.65 billion in taxes in the same period.
Highest Tax-Paying Companies FY 078/79
Tax paid (in NPR billion)
Surya Nepal Pvt. Ltd.
Nepal Doorsanchar Company Limited (Nepal Telecom)
Gorkha Brewery Pvt. Ltd.
Nepal Electricity Authority (NES)
NIC ASIA Bank Limited
Nabil Bank Limited
Global IME Bank Limited
Siddhartha Bank Limited
Rastriya Banijya Bank Limited
The highest taxpayers will be awarded at the upcoming 7th National Tax Day.