Tax Discount Facility notice by the Government of Nepal, Ministry of Finance Department of Internal Revenue. Notice regarding availing the discount facility. The Internal Revenue Department has arranged tax exemptions for industries/partnership firms that come under the ambit of taxation.
According to the Economic Act, 2079, the following types of discounts and concessions (schemes) have been arranged for the following taxpayers. Since the time limit to participate in the scheme is only till the middle of Paush 2079, this notice is given to make use of the facilities and concessions available for tax participation on time. Detailed information on facilities and concessions can be obtained from the Economic Affairs Act, 2079, the department’s website ird.gov.np and related Internal Revenue Offices and Taxpayer Service Offices.
Section 25 of the Economic Act: A person who is doing taxable business and has not yet come under the scope of tax, if he takes a permanent account number and submits the income statement and tax for the past three years by the middle of Paush 2079, he will get a tax, fee and interest exemption before that.
Section 26: Joint venture taxpayers who have not yet submitted their value-added tax statement or tax according to the statement by the end of Chaitra 2078, will get a discount on the remaining interest, additional fees and fines if they pay 50% of the remaining statement, tax and interest by the end of 2079 Paush.
Section 27 If the excise license holder has not yet paid the details or the excise duty according to the details by the middle of Chaitra 2078, the fine and the remaining delay fee will be waived if he pays 50% of the remaining details, excise duty and late fee by the middle of Paush 2079.
Section 28: The industry with excise license should submit an application for deduction of the cost of inventory older than 15 years by the end of 2079 Paush.
According to the office, since there is a provision that if the income statement and tax are submitted, the entire tax liability of the previous financial year will be waived, the businessmen who are registered with the Internal Revenue Office but do not have a permanent account number or other persons involved in income generation are provided with this tax exemption facility. According to the office, the tax must be submitted within the month of Poush in order to avail the discount facility.
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