Sat, April 20, 2024

Global IME Bank highest taxpayer in banking sector

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KATHMANDU: Global IME Bank has emerged as the highest taxpayer among all banks and financial institutions (BFIs) in Nepal for the fiscal year 2021/22.

The bank has contributed a corporate tax of Rs 3.2 billion during this period. At present the Global IME Bank holds the position of the largest bank in the country in terms of capital. It has paid-up capital of Rs 35.77 billion, the Global IME Bank said in a press statement.

Established in 2007 Global IME Bank achieved this status through the merger and acquisition of 21 BFIs, including five commercial banks, 10 development banks, and six finance companies.

The bank is actively pursuing digitisation and has embraced 'Vision-2025', a strategic plan aimed at doubling its business with the utilisation of modern technologies and digitization.

The bank has established a nationwide presence with 350 branches, 369 ATM counters, 322 branchless units, and 64 extension counters across all 77 districts of Nepal. It has also expanded its reach internationally with representative offices in London (UK), New Delhi (India) and Sydney (Australia), maintaining three international contact points.

With a customer base exceeding 4.2 million and a workforce of more than 4,000 employees, Global IME Bank continues to solidify its position as a key player in the banking sector.

The government on Thursday honoured the outstanding taxpayers. Finance Minister Prakash Sharan Mahat today honoured the 'best taxpayers' from various sectors at the closing ceremony of the Tax Week organised on the occasion of the National Tax Day, 2080. 

The Nepal Telecommunications Company has been honoured for being the highest taxpayer in the fiscal year, 2021/22. Other companies that were honoured are Dabur Nepal, Asian Paints, OBC Foods and Feeds Company, Chhimek Microfinance Financial Institution and Global IME Bank.

Similarly, other companies honoured include Life Insurance Company Nepal, Nobel Medical College, Manakamana Darshan and Bhatbhateni Super Market. Nepal Stock Exchange and Bhotekoshi Hydropower Company are among the companies honoured for paying taxes between Rs 500 million and Rs 1 billion. 

The government also honoured IME Ltd and Bijaya Kumar Sah. Surya Nepal was also honoured for paying the highest income tax, value added tax, excise duty and paying VAT of five years timely.

The government decided to provide a special type of identity card for a period of one year for the best taxpayers, it is said. The process of distributing identity cards to the best taxpayers started on Thursday, said Finance Secretary Krishna Hari Pushkar.

Similarly, on the occasion, the minister honoured the employees who provided excellent services in the tax administration.

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MARCH 2024

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