IRD to monitor liquor manufacturers, importers

KATHMANDU,DEC 12: 

Inland Revenue Department (IRD) is all set to monitor domestic liquor manufacturers and importers effectively, after discovering massive revenue leakages by domestic liquor manufacturers and under-invoicing by the importers.

The department will start to monitor liquor production and import within a month to bring them into tax net, according to director of the department Chudamani Devkota.

“Currently, the department is checking whether selling-points are violating existing legal provisions or not,” he said, adding that it will start to scan importer and producers after completing the current monitoring.

It is heard that even famous brands have been imported under invoiced by fixing lower customs than the actual amount, he said, adding that the department will enforce the provision of price list compulsorily.

“The government is loosing revenue due to under-invoicing,” he claimed.

“It is not justifiable that the most famous brand are imported with $2 and $3 customs valuation, which is surprising.”

Similarly, the department is also bringing the alcohol producers into the tax net, Devkota said, expecting that the revenue collection will be increased after the department’s monitoring.

Liquor business is the main source of excise in the country. “The government has projected Rs 6 billion excise from domestic liquor sector alone,” he informed, adding that the contribution of imported branded alcohol also cannot be ignored.

The government has the target of Rs 19.78 billion revenue from excise in the current fiscal year.

DRI raids outlets

Department of Revenue Investigation (DRI) on Sunday raided different outlets and shirting and shooting shops in the capital. “The department raided NS traders and two other outlets,” a department source said, adding that it has confiscated the ledger and other bills suspecting revenue leakages.

Source: THT