KATHMANDU, NOVEMBER 22
Finance Minister Bishnu Prasad Poudel has said that it is necessary to expand the tax base and also control tax leakage in order to increase the share of internal revenue in overall revenue structure.
Speaking at the inauguration programme of the Inland Revenue Office in Jorpati on the occasion of the ninth National Tax Day, Finance Minister Poudel said that it is necessary to increase voluntary tax participation to increase the overall revenue mobilisation.
He directed tax officials to strictly implement the methods of compliance such as tax audit, investigation, market monitoring, administrative review, collection of arrears and clearance of unmatched amount, according to a press release issued by Ministry of Finance.
The finance minister also directed concerned authorities to create an environment of minimum cost in tax participation, customer-friendly behaviour, simplification of procedures and make full use of available technology.
He directed Inland Revenue Department (IRD) and all its subordinate revenue offices to bring about a positive change in the attitude of the taxpayers towards tax administration to broaden the base and access to tax.
Poudel also expressed that only a sound professional relationship and mutual trust between the taxpayers and the tax administration would contribute to revenue mobilisation.
Stating that the revised revenue estimates for the fiscal year 2019-20 have been met despite the contraction in the economy due to the impact caused by the COVID-19 pandemic and subsequent prohibitory orders, Finance Minister Poudel thanked the taxpayers for contributing taxes and allowing the ministry to get closer to the target of the first four months of the current fiscal year.
He further appealed to all the taxpayers for continuous cooperation and support like in the past to contribute to the achievement of the revenue target set for the rest of the current fiscal year.
He also directed the tax administration to adhere to the policy of good governance, integrity and zero tolerance towards corruption.
Poudel further said that the tax day has enhanced the necessary knowledge and efficiency of the tax administration and also helped in motivating the tax administration to develop a fair service-user spirit and make it well-governed and transparent.
Govt honours top taxpayers On the occasion of ninth National Tax Day, taxpayers who had paid the highest income tax in fiscal 2018-19 and highest value added tax in fiscal 2019-20 in various sectors were honoured.
Top 15 highest income taxpayers
• Surya Nepal – In FY 2018-19
• Dabur Nepal – Among exporters
• Himal Power Ltd – Special industry
• Annapurna Agro Industries – Among agro-based industries
• Chhimek Laghubitta Bittiya Sanstha Ltd – Among cooperatives and microfinance institutions
• Nabil Bank – Among financial institutions
• Nepal Reinsurance Company – Among insurance companies
• Manipal Education and Medical Group Nepal – Among education service providers
• IME Ltd – Among remittance companies
• Agni Incorporated – Among trading businesses
• Taragaon Regency Hotel Ltd – Among tourism businesses
• Kamana Sewa Bikas Bank – Among medium level taxpayers
• VF Services – Within the working area of inland revenue offices
• Vijay Kumar Shah – Among individual taxpayers
• Ghorahi Cement Industry – Among taxpayers in terms of value added tax
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Written by Sureis
This news first appeared on https://thehimalayantimes.com/business/expand-tax-base-control-tax-leakage-to-increase-revenue/ under the title “‘Expand tax base, control tax leakage to increase revenue’”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.