First Business News Portal in English from Nepal
KATHMANDU: The Inland Revenue Department (IRD) is preparing to arrange an online tax payment system whereby payments can be made through mobile wallets or any other electronic means.
With this new arrangement in place small taxpayers with transactions of up to Rs 2 million annually can easily pay their taxes through mobile and electronic devices.
The IRD, during a seminar, provided assurance to make the internal revenue system predictable, scientific, and transparent and information and techno-friendly by bringing all kinds of taxable economic activities under the tax net and expanding the tax base.
The department’s Director General, Binod Bahadur Kunwar, said that the department is committed to increasing voluntary tax participation and also the efficiency in internal revenue mobilization by controlling tax fraud and leakage.
The department also stated that it would expand the tax base by identifying new areas of economic activities including the increasing e-commerce businesses in the country. It also said it will prioritize the collection of tax dues and recover the dues even if it had to resort to taking legal action against the defaulters.
The IRD will soon be implementing the biometric registration system in all its offices to standardize the registration process of taxpayers. The records of the taxpayers, who were registered under value added tax (VAT) in the past, will now be registered under the new system starting from mid-July 2021. It will register all kinds of taxpayers starting from big taxpayers who were previously registered under income tax.
The department will also upgrade the integrated tax system to make the tax system information and technology-friendly. It also stated that it will be improving its services by adopting newer technologies and reducing the cost of tax participation.
Information of all kinds of taxpayers will be collected in coordination with the Central Billing Monitoring System (CBMS) and VCTS, among others. It said it will control revenue fraud and leakage through quality tax examination and investigations.
Kunwar said that the department is committed to meeting its target of collecting Rs 450 billion revenue for the current fiscal year despite the COVID-19. He said the IRD will increase tax participation by implementing the schemes and the exemption facilities brought by the fiscal law to meet the target.
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