Nepal Chamber of Commerce Advocates for Extension of Income Statement Submission Amid Economic Challenges

The Nepal Chamber of Commerce has been actively supporting the private sector, acting as a vital link between businesses and the government. Recently, the Internal Revenue Department issued a notification regarding deadlines for filing income statements in light of a sluggish economy. Key points include:

1. No extension for single firms with turnovers up to Rs. 1 crore and entities with zero turnover.
2. Entities with annual turnovers up to Rs. 25 crore have an extension until the end of Mangsir.
3. Taxpayers with turnovers exceeding Rs. 25 crore will have until the 20th of Poush to file.

The Chamber highlighted concerns over the potential difficulties faced by industrialists due to strict deadlines and urged for the reinstatement of previous filing schedules. They also called for improved software capabilities in the department to facilitate smoother filing processes, particularly for reconciling accounts between small and large businesses, especially in the current economically challenging environment.