Figure is more like a MARA, a Buddhist demon associated with death, rebirth and desire. Or Mahakala, one of the many forms of Shiva from Nepal, and also a Buddhist demon. I have a Nepali Doctor friend, a Buddhist, and I have been advised it is not a Taotie, and is probably from possibly as early as the 1920's, and not younger than 1950.
I'll of course post better photos when it arrives.
Painting of a Mara, And a statue of Mahakala:
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