Replacement bill has been brought to encourage domestic industries: Finance Minister « Khabarhub
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Replacement bill has been brought to encourage domestic industries: Finance Minister

14 September 2021  

Time taken to read : 6 Minute

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KATHMANDU: Finance Minister Janardan Sharma has said the provisions made in the Budget Ordinance Replacement Bill so as to encourage the domestic industries would not be changed.

Inaugurating the two-day management seminar of the Inland Revenue Department today, he asserted that the arrangements made for the long-term benefit of the country would not be altered.

“Several people are making ill attempts to cajole me through enticement. I am not the kind of person who takes the country to a loss for personal interest.

I urge those people not to make such ill attempts. The decision made to encourage the domestic production-based and employment-creating industries would not be withdrawn,” the Finance Minister said.

Emphasizing the need of increasing the revenue based on internal production and exports rather than that based on import, he instructed the bodies concerned to work with added activeness to that end.

Minister Sharma shared on the occasion that works on further reforming the tax rate would be accomplished by forming the tax review commission.

“I had knowingly asked for plans to double the internal revenue before this. It was not only for sake of saying so. I had called for plans and I have not yet got those plans,” the Finance Minister said, referring to his calling for plans to double the internal revenue before this.

He urged forwarding the plans again.

Stating that the Department had it, efficient team, he directed the employees to carry out the works under their responsibility without caring about whoever is at the helm of the political leadership.

The Minister stressed the need to further simplifying the tax administration and instructed the authority concerned to ensure the online system for distributing the tax clearance certificate.

The people concerned were urged to demonstrate tax payer-friendly behavior and to make arrangements for distributing identity cards to them by setting standards so as to expand the tax net.

Minister Sharma also sought policy-level preparations required to provide a permanent account number (PAN number) along with citizenship.

Secretary at the Ministry of Finance, Madhu Kumar Marasini, directed for enabling the technology to read the details of VAT bills and register them directly to the system at the Inland Revenue Department once the tax-payer produced the document.

Although the PAN plays an important role in the expansion of the tax net, the number of non-filers will increase, causing unnecessary administrative responsibilities if it is not traced and tracked, according to him.

The secretary was of the opinion of enhancing the tracking system of PAN holders.

Similarly, revenue secretary Krishna Hari Pushkar presented an idea of promoting the tax administration based on the principle of ‘taxologist’ to see better results in the tax system.

Admitting hurdles in the tax payment system such as the condition to seek help from a second person, from a middle person, and other tardy procedures, he insisted on the correction and the implementation of a tax payers-friendly administration.

He spoke about the need for better performance on the part of related employees as it reflects the financial image of the country.

Vice-President of Federation of Nepalese Chambers of Commerce and Industry, Ram Chandra Shanghai, President of Nepal Chamber of Commerce, Rajendra Malla, and President of Confederation of Nepalese Industries, Bishnu Agrawal, suggested simplifying the complex tax administration, to make arrangements of social security of taxpayers, dignified behavior to taxpayers and to make arrangement of paying tax from home in an easy manner by expanding the use of technology.

Likewise, Director General of Department of Customs, Narayan Prasad Sapkota, expressed the commitment to follow the government’s guidelines, and directions of ministers and secretaries in letter and spirit, and take forward the Department as ‘Centre of collection’ keeping the private sector’s suggestion in mind.

Director-General of Department of Inland Revenue, Shova Kant Poudel, presented the overall situation of the fiscal year 2077/78.

He shared that 95.35 percent revenue of the target has been collected, 769 thousand new PAN were issued, the number of taxpayers towards income is 57.8 percent and towards VAT is 77.18 percent.

Poudel presented the fact that there is a 50 percent contribution of 100 taxpayers in the inland revenue of the country and revenue collection increased by 12 percent as compared to the previous fiscal year.

Bringing the economic activities of an informal sector under the ambit of tax, duplicate bill, the challenge created due to e-economy, sticker management on excise duty, duplicate sticker and making tax examination and investigation result-oriented are the challenges of the Department of Inland Revenue.

Publish Date : 14 September 2021 21:10 PM

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