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Voluntary Disclosure of Incomes
BY KTM Metro Reporter in Kathmandu
On February 11, 2009, the last day of the deadline the government has given to disclose the incomes and pay 10% of the disclosed amount to the government. By this day, the government has already collected Rs 1.04 billion, and extended the deadline for another month to give some more time to the potential taxpayers according to the Ministry of Finance. The income tax is 25%, so, Voluntary Disclosure of Incomes Scheme is for inspiring the income taxpayers to clear their tax liability.
One of the voluntary disclosures said that he disclosed the income of Rs 400 million and paid Rs 40 million tax to the government, and was going to invest Rs 360 million in the hydropower plants in Nepal.
Some Nepalese economists said that the Voluntary Disclosure of Incomes Scheme would cause the capital flights from Nepal and would discourage in bringing capital to Nepal and invest in businesses. The media reported some capitals going out of the country.
The officials of the Ministry of Finance said that the ministry has listed 10,000 institutions and individuals liable to pay income tax. So, the government anticipates collection of additional taxes from this Voluntary Disclosure of Incomes Scheme in the coming months.
They also said that thereafter, the government would initiate taking strong actions against them if they failed in disclosing their incomes and paying 10% of their incomes.
