- Property Disclosed: Rs 1.4 billion
- Total Revenue Collection: Rs 140 million
- Monday’s collection: 700 million
- Highest disclosure so far: Rs 750 million
KATHMANDU, Feb 10: Inland Revenue Department (IRD) collected Rs 70 million in revenue under Voluntary Disclosure of Income Sources (VDIS) scheme on Monday alone, as some 250 taxpayers took benefits of the VDIS and legalized their property by paying 10 percent tax to the government. [break]
On the day, property worth Rs 700 million was disclosed, said Kapil Dev Ghimire, director general of IRD. “This helped us to double the collections overnight under VDIS,” he told myrepublica.com.
With Monday’s disclosure, the volume of property disclosed so far has totaled Rs 1.40 billion, according to IRD data. It has fetched Rs 140 million in revenue to the government. The highest value property disclosed by one individual stands at Rs 750 million.
Despite much publicity, officials admitted that the turnout for tax payment under VDIS remains far less than anticipated. However, given the latest rise in the disclosure rate, they expressed hope that the revenue collection will stand close to the target of Rs 1 billion.
“The volume of disclosed income grew by 100 percent on Monday alone. We are sure it will rise further during the remaining two days of the scheme,” said Ghimire.
IRD has also geared up follow-up actions like sending SMS, making phone calls and sending reminder letters to potential tax payers. All potential big tax payers have been contacted, said a source.
The source also elaborated that the people engaged in real estate business, running hospitals and educational institutions, among others, have also been reminded to benefit from the scheme.
“We have gathered ample information about the people who could have amassed large amount of property without paying taxes to the state. If they do not use the opportunity, the axe will fall on them,” stated Navaraj Bhandari, deputy director general of IRD.
´Axe´ in such cases could go as tough as seizure of property and fines and penalty up to 100 percent, he said quoting the Income Tax Act.
milan@myrepublica.com
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