Fake VAT bill probe continues
KATHMANDU:
Inland Revenue Department has completed investigation of more than half of the cases of Value Added Tax (VAT) evasion till yesterday.
It has slapped Rs 3.12 billion tax plus fine on 292 firms found to be involved in Value Added Tax (VAT) evasion by producing fake bills, according to director general at the department Rajan Khanal.
The department has set the target to finish the investigation of rest of the 226 firms by the end of mid-October.
“We will have zero tolerance on VAT defaulters and take stringent action against all the tax-evader,” Finance Minister Barsha Man Pun said, adding that the ministry will expedite the investigation process.
“Taxpayers can review the decision, if they would not be satisfied with the decision,” Khanal said, adding that the department is currently reviewing some of the cases too. “Out of 292 cases, 36 firms have approached the review committee seeking review.”
Under the existing law, the firms can approach Revenue Tribunal within sixty days, if they are not convinced with the department’s decision.
The department has been conducting probe into the use of fake VAT bills, from its head office and three area offices in Kathmandu as well as offices outside valley too, according to the department.
Inland Revenue Department has started the investigation into the fake VAT bill scam from November last year after widespread use of fake VAT receipts were revealed.
Revenue mobilisation increases by 20 per cent According to finance secretary Krishna Hari Baskota the government has been able to mobilise Rs 30 billion revenue in the first two months of the current fiscal year. “The initial estimation is that the government has been able to mobilise Rs 12.25 billion in VAT, Rs 6.25 billion in customs, Rs 4.50 billion in excise, Rs 4 billion in income tax, Rs 550 million in vehicle registration, Rs 770 in land registration and Rs 2 bil;lion under non-tax revenue,” he said, adding that Rs 30 billion is a 20 per cent increment compared to last fiscal year’s sa-me period, when it had been able to mobilise Rs 25 billion.
Source: THT
Inland Revenue Department has completed investigation of more than half of the cases of Value Added Tax (VAT) evasion till yesterday.
It has slapped Rs 3.12 billion tax plus fine on 292 firms found to be involved in Value Added Tax (VAT) evasion by producing fake bills, according to director general at the department Rajan Khanal.
The department has set the target to finish the investigation of rest of the 226 firms by the end of mid-October.
“We will have zero tolerance on VAT defaulters and take stringent action against all the tax-evader,” Finance Minister Barsha Man Pun said, adding that the ministry will expedite the investigation process.
“Taxpayers can review the decision, if they would not be satisfied with the decision,” Khanal said, adding that the department is currently reviewing some of the cases too. “Out of 292 cases, 36 firms have approached the review committee seeking review.”
Under the existing law, the firms can approach Revenue Tribunal within sixty days, if they are not convinced with the department’s decision.
The department has been conducting probe into the use of fake VAT bills, from its head office and three area offices in Kathmandu as well as offices outside valley too, according to the department.
Inland Revenue Department has started the investigation into the fake VAT bill scam from November last year after widespread use of fake VAT receipts were revealed.
Revenue mobilisation increases by 20 per cent According to finance secretary Krishna Hari Baskota the government has been able to mobilise Rs 30 billion revenue in the first two months of the current fiscal year. “The initial estimation is that the government has been able to mobilise Rs 12.25 billion in VAT, Rs 6.25 billion in customs, Rs 4.50 billion in excise, Rs 4 billion in income tax, Rs 550 million in vehicle registration, Rs 770 in land registration and Rs 2 bil;lion under non-tax revenue,” he said, adding that Rs 30 billion is a 20 per cent increment compared to last fiscal year’s sa-me period, when it had been able to mobilise Rs 25 billion.
Source: THT
