Nepal Telecom (NTC) aka Nepal Doorsanchar Company Limited has been honored as the highest taxpayer for the fiscal year FY 2079/80. Inland Revenue Department (IRD) extended appreciation to the telecom giant on Saturday, Mangsir 01, 2081 (November 16, 2024) at an event in Kathmandu as the company with the highest tax contribution to the government while marking National Tax Day 2081 (Rastriya Kar Diwas).
The company’s Managing Director Mrs. Sangita Pahadi received a certificate of appreciation from the honorable Finance Minister Bishnu Prasad Paudel.
But this was not an isolated achievement for the company. In recent years, the telecommunications leader has persistently remained the country’s highest taxpayer. Speaking of the FY 2079/80 of Ntc for which it has won the accolade, it earned Rs 7.80 billion in profit and produced Rs 44.86 billion in revenue.
Nepal Telecom bags government honor as the highest taxpayer for FY 2079/80 despite its recent financial struggles
The telecom giant bagged the title of the highest taxpayer for FY 2078/79 as well. The honor follows the recent financial report from the company which showed it with a decline of over 14% in profit in the first quarter of 2081/82. The company profited Rs 1.74 billion in the first quarter of the current FY 2081/82 while the revenue stood at Rs 10.06 billion.
In recent years, the company’s profits have not hit a rising trajectory. However, the company still remains one of the highest revenue generators for the government as well as its taxpayers.
Likewise, Codavatar Tech Pvt. Ltd. Received its honor as the highest taxpayer in Nepal among the ICT service importers. In the category of the highest taxpayer from the individuals, Raj Bahadur Shah clinched the prestigious title from the IRD. Shruti Traders also bagged its honor from among the sole proprietorship firms.
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Award recipients from different sectors:
- Banking: Nabil Bank
- Tourism: Taragaun Regency Hotel
- Energy: Bhotekoshi Power Company
- Remittance: City Express Money Transfer
- Education: Lumbini Medical College
- Trade: Bhatbhateni Super Market
- Value-Added Tax: Hongshi Cement (from 2075 till the end of Ashar, 2081)
Also, see the government’s telecom and ICT policies for FY 2081/82
For special Contributions:
- ICT import: Codavtar Tech Pvt. Ltd.
- Import: Dabur Nepal
- Trade of from Rs 50 crore to Rs 1 arba: CDSC
- Special Industry: Varun Beverage
- Trade of up to Rs 50 crore: Solty Enterprises
- Agro-Industry: Patanjali Ayurved
Nepal Telecom’s continued performance as the country’s highest taxpaying entity does reflect a rather positive and encouraging image for the whole telco industry despite the underwhelming discussions that have pervaded in recent years much owing to the financial underperformance. Therefore, the achievements do highlight that there is decent competitiveness and profitability in the industry despite some obvious telecom challenges.
Do read: Prospects for a new telecom company get more obvious
We extend our heartiest congratulations to Nepal Telecom on being the country’s highest taxpayer in FY 2079/80 and wish it the same for the coming years.
