IRD marks Sixth National Tax Day
Kathmandu, November 17
Senior government officials have emphasised on the need for effective implementation of tax laws, widening the tax net and efficient revenue mobilisation.
Addressing a programme organised by the Inland Revenue Department (IRD) on the occasion of the Sixth National Tax Day, Chief Secretary Lok Darshan Regmi said the tax net should be widened to increase the number of sources for domestic resources to carry out development activities.
Regmi said that the base of value added tax (VAT), income tax and excise should be widened to manage domestic resources. “The role of tax revenue is valuable in resource mobilisation. So, the tax bracket should be increased to help carry out more development works,” he stated.
Individual income tax: Siddhartha SJB Rana, chairman, Sipradi Group of Companies
Trading: Sipradi Trading
VAT contributor: Pawan Kumar International
Industry: Himal Power
Corporate income tax: Surya Nepal
Small-scale income tax: Dr Upendra Devkota
Medium-scale income tax: Gorkha Dev Bank
Agro-based industry: National Seed Company
Exporter: Verscend Technology
Bank: Himalayan Bank
Cooperative: National Cooperative Bank
Health and Education Sector: Triyog Higher Secondary School
Tourism: Tiger Tops
Insurance: Nepal Reinsurance Company
Information technology: WorldLink Communications
He also emphasised that the tax administration needs to win the trust of taxpayers to enhance the sources of revenue. “A taxpayer-friendly environment is very important for tax collection. Tax officers have to behave in a cordial manner with taxpayers and win their trust,” Regmi added.
Similarly, Finance Secretary Shankar Prasad Adhikari said that the government is facing challenges of resources in implementing the federal system and achieving the goals set in the constitution. “The tax base needs to be widened but further still the current tax system has to be improved to create an investor-friendly environment in the country.”
Revenue Secretary of the Ministry of Finance, Shishir Kumar Dhungana, said there is still room for improving the domestic sources of revenue and the tax authority needs to work on this in the future. “We do have a strong tax base, however, we still need to make improvements in many areas. The tax authority must take it seriously to strengthen the tax net and federal economic system,” he stated.
On the occasion, Kishor Jung Karki, director general of IRD, expressed commitment to improve the tax policies and taxpaying environment. He also said that he would emphasise on technical reforms at the IRD and tax offices that are functioning under it.
“The tax offices and officials will be more transparent, responsible, technology-friendly and taxpayer-friendly in the future. We are committed to reform our system according to the federal system adopted by the country,” he informed.
The tax authority also felicitated the highest taxpayers on the occasion of the National Tax Day.