26,000 new firms, individuals in tax net

KATHMANDU, Jan 26 :

The government managed to bring more than 26,000 firms and individuals into the tax net through the discount offer announced by the government through Finance Act 2071 BS.

Issuing a statement on Sunday, Inland Revenue Department (IRD) said a total of Rs 349.64 million was mobilized from 26,011 new taxpayers.

The government had provided special offer to firms and individuals who were not under tax net, those not submitting income and tax details, and those having mismatch in transactions. They had been given until mid-January to submit income statement and tax details.

Under the offer, individuals were given tax waiver on previous income if they submitted income details of the last three fiscal years. Taking advantage of the offer, a total of 1,967 individuals submitted their income details to the concerned tax offices. They paid a total of Rs 12.14 million.

Likewise, IRD collected Rs 82.8 million from 18,162 taxpayers having transactions of a maximum of Rs 2 million and income of a maximum of Rs 200,000. These taxpayers were also given income tax and fine waiver if they submitted transaction details of last three fiscal years.

Similarly, 15 journalists and media houses took permanent account number (PAN) by submitting income details of last three fiscal years. They paid different taxes worth Rs 38,000.

Likewise, a total of 637 cooperatives took advantage of the offer and paid taxes worth Rs 2.4 million, according to the statement.

Source: Republica