Govt cuts late fees, extends deadlines
Kathmandu, May 22 :
Government has, announced in the parliament today, the exemption of late fees and extended deadlines for payment of taxes and interests for the period starting from April 6 to April 24.
According to finance minister Dr Ram Sharan Mahat , the government has extended the deadlines for submission of details and revenues in accordance with VAT, income tax and excise duty for the period of Janaandolan-II (April 6 to 24) till June 8.
The late fees for goods imported but stranded at the customs points during the period have been exempted and the department of customs has been instructed to do accordingly. Responding to the request of Nepal Bankers’ Association, government has also slashed the compound interests to be paid during the period. The payment deadline of interests — to be paid by the end of Chaitra and Ashad 2063 — has been extended by 90 days and 30 days respectively.
The deadline for repayment of various types of short-term loan on current capital and consumer loan has been extended till the end of this fiscal year.
These loans include trust receipt loan and business loan such as pre-shipment and post-shipment in exports, demand loan, working loan and monthly equated instalment on auto loan.
Following the reinstatement of the parliament, the government had made announcement to provide relief to the business community as well as individual by extending the repayment duration and slashing late fees.