First Business News Portal in English from Nepal
KATHMANDU: The provision of 10 percent VAT refund when paying for goods and services through electronic means is set to come into implementation.
Then Finance Minister Yubaraj Khatiwada had brought the program of VAT refund on electronic purchase through the budget for fiscal year 2076-77. Following this, the Inland Revenue Department (IRD) had issued a procedure to refund the VAT to the consumers who make payments through electronic means with effect from Paush 25, 2076.
After 19 months of drafting the procedure, IRD has stepped ahead in implementing the 10% VAT refund provision on electronic payment. Issuing a notice today, IRD has urged the businessmen, consumers and stakeholders to implement it.
Taxpayers can register for VAT and join the system of issuing electronic invoices approved by the department. The department has requested the sellers who receive payments from electronic payment devices such as debit / credit cards and QR codes to automatically refund 10 percent of VAT to the consumer’s bank account.
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