IRD investigating 21 firms found suspicious during market monitoring

Published On: October 17, 2017 04:45 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Oct 17: A total of 21 firms are under scanner of Inland Revenue Department under doubtful financial accounts and transactions, officials of IRD informed. They are under investigation by IRD's tax offices for not having permission for transaction of excise, lack of proper documentation of Value Added Tax (VAT) bills and not issuing bills of VAT among others. However, names of firms have not been made public. 

The IRD has also seized all the financial accounts of those firms for investigation. 

“They are a bit serious cases and all concerned offices have been examining their financial transactions and the documents,” said Yagya Dhungel, IRD's spokesperson, adding that they will release the final results of the investigation later. Likewise, IRD has also fined 615 small firms on the spot for corrective measures upon minor shortcomings. 

The 615 firms found with minor flaws were fined up from Rs 5,000 to Rs 10,000 on the spot.
IRD started market monitoring from September 12 and has collected fines of Rs 3.84 million from those 615 firms. However, the firms against whom action has been taken, are only of small type.  

Each of the 36 units and branches of IRD across the country has mobilized three teams in monitoring market and it is carried out considering more selling and buying activities during the festive season, amid complaints of bills not being issued against business transactions during this time. A press release issued by IRD on Monday says that it has also warned those firms do not make such mistakes again.

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