KATHMANDU, June 2:The Inland Revenue Department (IRD) has asked the taxpayers to clear their tax dues by June 7, giving no leeway despite the nationwide lockdown that has been extended further till June 14.
The government that has fallen far behind the revenue collection target has turned stringent to the taxpayers. As of Monday, the government has collected just 56 percent of the revenue target of Rs 1.11 trillion for this fiscal year. In addition, the budget for the next fiscal year has projected to spend Rs 948.94 billion in regular expenditure alone while the set revenue collection is Rs 889.62 billion.
Issuing a public notice on Tuesday, the IRD has asked the business entities to clear the value added tax dues between mid-November and mid-March within the aforementioned date. Similarly, the taxpayers also need to pay the excise duty and income tax for two months between mid-February and mid-April within the prescribed date.
Likewise, the education service charge and telephone tariff will also have to be cleared by Sunday. Any taxpayer failing to clear the taxes and fees within the date will have to face delay charges and cash penalty, reads the IRD’s notice.
Officials of the Ministry of Finance said the government has come up with the stringent measures because it has come under pressure to manage even the recurrent expenditure. “Also, the ministry has considered that the online platforms could help the taxpayers clear their dues without facing any hassle even during the lockdown,” the source said on condition of anonymity.
The taxpayers were supposed to submit the details and file their taxes by the end of the third quarter in mid-April. However, with the nationwide lockdown enforced on March 24, the cabinet meeting on March 31 decided to extend the tax filing deadline till June 7.