Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: As Value Added Tax (VAT) arrears continue to rise, tax offices have begun urging taxpayers to file such taxes. On Sunday, the Inland Revenue Office, Putalisadak and Baneshwor issued a public notice urging them to pay VAT.
Putalisadak Tax Office has asked 256 taxpayers to file tax within time of 15 days. Similarly, Baneshwor Tax Office has made public the list of 96 taxpayers and stated that that the tax has should be paid within 7 days.
The number of taxpayers who have not paid the VAT by end of Fiscal Year 2077/78 has reached 77,530, according to Inland Revenue Department. The Department has also stated that it has also not been able to collect around Rs 25, 55 billion VAT from these taxpayers. As of mid-July 268, 436 taxpayers have been included in the list of those who have not paid the VAT, which is about 29 percent.
The Department had made a target of collecting Rs 302.16 Billion revenue in the FY 2077/78. Though only Rs287.06 Billion have been collected.
According to the Department, out of the target of Rs 190.13 Billion for Import, Rs 170.63 Billion has been collected. And out of the target of Rs 112.30 Billion for internal target Rs 1.16 Billion has been collected. As per the annual bulletin released by the Department, the number of taxpayers who did not submit value added tax returns in the fiscal year 2076/77 has increased from 36.46 percent to 38.05 percent in the last fiscal year 2077/78.
Raju Prasad Pyakurel, Director of the Inland Revenue Department, said that the ignorance of the taxpayers and some procedural reasons were responsible for the arrears of value added tax.
“The tax paid by an individual or the organization in each transaction is one thing. But along with that there are other liabilities too,” he said,” Audit may reveal tax liabilities or you should file the revenue as determined by the tax officer after various investigations.” As per the list made public by the Inland Revenue Department Putalisadak and Baneshwor, reputed Businessman, Construction Businessman and Media Entrepreneurs have not paid VAT.
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