KATHMANDU, Nov 18: The government has started connecting business firms and enterprises with computer billing software system into its central monitoring system, bringing all selling records of the firms into government’s surveillance system.
During the Sixth National Tax Day event on Friday, chief secretary of the government of Nepal Lok Darshan Regmi inaugurated the system -- Central Billing Monitoring System. Sipradi Trading Pvt Ltd was the first to enter into this system voluntarily.
Revised interest rate corridor system introduced
Business firms’ entry into this system is important to control rampant tax evasion through fake VAT bills and hiding of real transaction details.
At the moment, there are over 600 businesses and firms using individual software approved by the Inland Revenue Department (IRD). There are 140 different such systems in operation.
Spokesperson of the IRD Yagya Dhungel said that the new system allows monitoring and retrieving of all transaction data, which would help in tax collection and improving overall tax administration.
The IRD is also preparing to bring all those businesses using computerized billing system into this mechanism, setting a firm deadline.
Import and export transactions have already been connected into the government’s integrated system, which allows the authorities to track the entry and outflow of the goods.
