KATHMANDU, Aug 30: Finance Minister Yubraj Khatiwada said that all should acquire a PAN card as it is as important as citizenship certificate.
Speaking at an interaction program organized by Nepal Chamber of Commerce in the capital on Friday, Minister Khatiwada informed that PAN number would transform informal business and income into a formal one.
“It’s none other than an identity of a taxpayer, so you need not worry on this issue,” said Khatiwada adding, “We see no alternative to imposing VAT to systematize transaction of the transportation sector.”
Speaking at the event, Rajesh Kaji Shrestha, the chairperson of Nepal Chamber of Commerce stated that enforcing the rule of PAN is not applicable to all the employees. Similarly, he also demanded to apply service tax in place of VAT as it may result in price-hike.
The industrialists participating in the program grumbled at the new taxation system citing it would have an adverse effect on trade and commerce.