KATHMANDU: With the Ministry of Finance (MoF) gearing up to prepare the budget for the next fiscal year (2021-22), the Inland Revenue Department (IRD) has sought suggestions from stakeholders on necessary reforms in existing tax laws that should be addressed through the budget.
The department has asked for suggestions for reforms in the areas of income tax, value added tax and excise duty. As per IRD, stakeholders are required to submit their suggestions by mid-March.
Industrialists/entrepreneurs will submit suggestions on the problems in various tax laws along with solutions.
Along with the preparation of the new budget, the Revenue Advisory Development Committee and the Customs Department have also started collecting suggestions from stakeholders.
The Revenue Advisory Development Committee has started collecting suggestions by holding interaction programs in different places.