Kathmandu, January 8:

“The Voluntary Disclosure of Income Source (VDIS) programme has been launched to make people pay their income tax, it is not related to property tax but people are getting confused about it. We have not yet designed a policy on property tax but are in the preparation phase and will soon come up with one,” said Finance Minister Dr Baburam Bhattarai, here today.

During an interaction on ‘Self Income Announcement’ organised by Nepal Chambers of Commerce (NCC), Dr. Bhattarai said, “Income tax and property tax are two different things. While talking about VDIS, it seems politicians are the first and foremost people guilty of corruption. They should be the brought within the tax boundary.”

Along with politicians, industrialists and businessmen should also assist in VDIS, Dr Bhattarai said, adding, “I wonder why the private sector is so terrified of the VDIS programme. It is beneficial for all of us if support is provided, and the people can lead respectful lives. The tax collected through it will be used for infrastructure development. Hence people should cooperate with us and we give a guarantee of their security.”

Rameshwor Khanal, secretary at the Ministry of Finance, said, “This programme is mainly for people earning from different businesses but not paying income tax. The private sector should support the programme as this is not property tax but income tax.”

Acting (Revenue) secretary at MoF Krishna Hari Baskota, notifying about the formation of the committee to make investigations and research the effects of global financial crisis on Nepal, said, “VDIS programme is very much effective as its success can help the development of the country’s economy.”

He said the economic data of the country were good and investors could invest here without hesitation. “We are working to bring down the inflation rate to eight per cent,” he added.

NCC president Surendra Bir Malakar said, “For the success of any programme, sufficientn interaction should been held between related authorities about policies and programs that the government is going to implement.” Malakar also urged the government to think about the growing global financial crisis and its probable impact on Nepal.

According to the Inland Revenue Department (IRD), the VDIS form is available at IRD and its branch offices. The last date for submission of the VDIS form and tax was the end of Mangsir 2065.

Investigation of people not submitting the VDIS forms will start from February 12.