Print Edition - 2014-07-15 | MONEY
PAN compulsory for anybody receiving payment from govt
Jul 14, 2014-
The new budget has made it compulsory for any individual, institution or professio-nal receiving a salary or re-muneration from the gover-nment to have a Permanent Account Number (PAN).
The provision in the government’s financial plan for fiscal 2014-15 will particularly affect government employees such as teachers, civil servants and army and police personnel besides individuals and firms in the private sector who receive money from the government. “There are still many government employees, particularly teachers, who have not obtained a PAN card,” said Tankamani Sharma, director general of the Inland Revenue Depart-ment (IRD). The number of taxpayers who have acqui-red a personal PAN stands at 400,000, said the IRD.
Meanwhile, the government has also decided not to let alcoholic products be sold from general stores. They have to be sold from specific outlets. “We will monitor the situation and implement this provision strictly,” said Sharma.
Since the government has been refunding value added tax (VAT) as an incentive to industries, it will now start monitoring whether such facilities have led to improvements in the production process, product quality, the prices charged to customers and the prices paid to farmers for raw materials.
The government will form a mechanism comprising staffers from the Ministry of Commerce and Supplies, Ministry of Industry and Department of Inland Revenue (IRD).
Meanwhile, the VAT exemption being provided to mobile set importers has been continued in a bid to discourage contraband. The budget has also vowed to introduce a working procedure for the Equipment Identity Register System which will help to maintain the standard of imported mobile sets and discourage illegal imports.
Arrangements will be made for containers to be sealed after they have been checked at customs before they are transported to their destination. All taxes applicable on the import of television sets of up to 32 inch in size will be waived for individuals leaving the country for foreign employment and having worked abroad for a period of one year.
Taxpayers paying over Rs 50 million will get all administrative arrangeme-nts at Kathmandu-based taxpayer offices from the first day of next fiscal year.
Published: 15-07-2014 09:13