Money

IRD to launch ‘e-payment’

- Post Report, Kathmandu

Aug 7, 2016-

The Inland Revenue Department (IRD) has announced it will implement “e-payment” system within this fiscal year for taxpayers registered with the Large Taxpayers’ Office (LTO).

The move is aimed at making it easier for the taxpayers to pay income tax, value added tax (VAT) and excise duty. Taxpayers with a minimum annual transaction Rs400 million are categorised as large taxpayers and the LTO deals with them.

Concluding a three-day management workshop in Kathmandu on Saturday, the IRD issued a 20-point “Budhanilakantha Declaration”, announcing a number of plans and programmes, including the e-payment system.

Given a high number of non-filers (non-submission of transaction details), the IRD has pledged to limit it to 1 percent in LTO and Inland Revenue Offices (IRO) in Kathmandu, and 15 percent in other IROs.

The IRD will also implement a “PAN for All’ scheme, under which all government offices will have to acquire Permanent Account Numbers.

To promote electronic billing, the IRD will implement a electronic billing system in departmental stores and big corporate houses. It also plans to implement Electronic Cash Register System to curb tax evasion.

The IRD plans distribute PAN to an additional 300,000 taxpayers by the end of this fiscal year. There are 1.44 million taxpayers—4.7 percent of the population—in the country. Of them, 840,018 have acquired individual PAN and 602,800 have institutional PAN. The IRD has also targeted to increase the share of tax deduction at source (TDS) in income to 30 percent in this fiscal year for existing 15 percent.

Published: 07-08-2016 08:47

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