Print Edition - 2014-05-24 | MONEY
187k new taxpayers in first 10 months of FY
May 23, 2014-
The government added 187,017 new taxpayers as of the first 10 months of the fiscal year.
According to Inland Revenue Department (IRD), it brought 135,394 new taxpayers under the income tax net, 11,039 under value added tax (VAT) and 40,584 under excise duty. With this, the number of taxpayers has reached around 1.3 million. The government aims to add 200,000 new taxpayers within this fiscal year.
“These taxpayers were added through various schemes and administrative measures,” said IRD Director General Tankamani Sharma. “We are confident that our target of 200,000 new taxpayers will be achieved.”
Meanwhile, in a press statement, the Commission for Investigation of Abuse of Authority (CIAA) said its continued vigilance and investigation, and the action taken by the government helped bring aforementioned number of new taxpayers into the tax net. The anti-graft body said it had directed the government to take necessary action against firms avoiding tax, those failing to pay tax timely and those evading tax.
According to CIAA, the tax authority has determined tax liabilities worth Rs 2.44 billion against 1,199 taxpayers who were found involved in evasion of taxes, including VAT, income tax and excise duty. “Recovery of the amount is under way.”
The tax authority recovered dues worth Rs 3.57 billion related to income tax and VAT. The government recovered a huge amount in excise duty from the sellers of tobacco-related products.
According to the CIAA, the government recovered Rs 1.05 billon in excise duty from tobacco related products in the first 10 months this fiscal year — up from Rs 220 million in the same period a year ago.
The tax authority is also investigating a tobacco factory in the Kathmandu valley by first taking a bail amount of Rs 1.9 million after an initial investigation found it cheating in excise duty.
Meanwhile, an IRD team on Friday sealed shops and godowns of six taxpayers in the Kathmandu valley on suspicion of tax evasion. The authority has assigned 14 teams for inspection in the Kathmandu valley with a mandate to take details about the taxpayers and inspection of the trading place and godown.
Likewise, a team mobilised by Inland Revenue Office, Dharan, inspected various firms in Dharan, Itahari, Bhutaha, Harinagar, Inaruwa and Dewangunj and collected information about whether they have taken license as per the Excise Duty Act.
Published: 24-05-2014 09:18