Commercial Banks Pay Over Rs 19 Billion in Income Tax; Seven Banks Contribute More Than Rs 1 Billion
Kathmandu – Commercial banks have contributed over Rs 19.15 billion in income tax to the government in the first nine months of the current fiscal year 2081/82, an increase of 9.94% compared to the same period last year. In the corresponding period of FY 2080/81, the total tax paid by banks stood at Rs 17.41 billion.
According to financial reports, Nabil Bank paid the highest amount at Rs 2.78 billion — a 5.72% rise from last year. Nepal Investment Mega Bank followed with Rs 1.95 billion, up 38.85%. Global IME Bank contributed Rs 1.81 billion, marking a 46.71% increase, while Everest Bank paid Rs 1.62 billion, a dramatic 1277% rise compared to the previous year.
Prabhu Bank (Rs 1.58 billion), NMB Bank (Rs 1.55 billion), and Nepal Bank (Rs 1.53 billion) also crossed the Rs 1 billion mark.
Among others, Standard Chartered Bank paid Rs 995.2 million, Prime Bank Rs 964.4 million, Laxmi Sunrise Rs 747.3 million, Siddhartha Bank Rs 722 million, SBI Rs 601.5 million, and Sanima Bank Rs 597.2 million. Rastriya Banijya Bank paid Rs 516.1 million, followed by Machhapuchhre Bank at Rs 472.5 million and Kumari Bank at Rs 467.7 million. Citizens Bank contributed Rs 386.7 million, Himalayan Bank Rs 213.2 million, and NIC Asia Rs 67.8 million.
As per legal provisions, banks are required to pay 30% income tax on their net profit after allocating 10% of it for employee bonuses.