KATHMANDU, May 3: Following the discovery that RB Complex (Ranamukteshwar Business Complex) and People's Plaza at New Road have not fulfilled their tax obligations to the Kathmandu Metropolitan City (KMC), the KMC has issued an ultimatum. The operators of both infrastructures, located in Ward-22, have been instructed to provide tax-related details within 7 days and settle their outstanding taxes within 35 days.

KATHMANDU, May 1: Kathmandu Metropolitan City (KMC) has issued a notice, asking entertainment businesses such as nightclubs, dance bars, and live music venues, including the LOD club, to pay entertainment tax.

KATHMANDU, Nov 26: While the government struggles to manage adequate revenue to meet its daily financial liabilities, the Inland Revenue Department (IRD) is found unable to recover accrued tax dues worth more than Rs 113.07 billion.

KATHMANDU, Nov 9: The government has decided to allocate Rs 5 per liter from the infrastructure development tax levied on fuel for the construction of the Budhi Gandaki Hydropower Project.

KATHMANDU, Sept 27: The government authorities related to tax revenue have concluded that the rise in smuggling is the major cause behind a massive fall in revenue collection.

BARA, Aug 6: Minister for Industry, Commerce and Supply, Ramesh Rijal, has urged the local levels of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap goods tax.

KATHMANDU, July 18: The government has issued guidelines to implement the five percent tax imposed on outbound tourists.

KATHMANDU, June 7: Lawmakers blamed Finance Minister Prakash Sharan Mahat and related officials of the Ministry of Finance (MoF) for leaking out the tax related information to businesspersons prior to the day of budget announcement.

KATHMANDU, May 30: The government has decided to levy a tax of more than Rs 10,000 on mobile phones brought from foreign countries that cost over Rs 100,000. The government has introduced provisions of levying Rs 3,000 tax on other smart phones and Rs 200 tax on the rest of the mobile phones other than smartphones.

KATHMANDU, May 30: The government has now arranged to pay taxes in four months.

KATHMANDU, May 12: The Ministry of Health and Population has prepared to increase the tax on tobacco products.

KATHMANDU, April 26: The Supreme Court (SC) has asked the government not to hike taxes on electric vehicles (EVs) in the Financial Bill for the next fiscal year.

KATHMANDU, Sept 13: Five casinos in Kathmandu have paid entertainment tax to the Kathmandu Metropolitan City (KMC). According to the KMC, they have paid Rs 6.6 million as entertainment tax. Separately, Kathmandu Fun Park has paid Rs 1.7 million as entertainment tax.

KATHMANDU, Sept 2: The Kathmandu Fun Park located at Bhrikutimandap paid the entertainment tax dues to Kathmandu Metropolitan City (KMC) on Thursday, following a 24-hour ultimatum given by the KMC on Wednesday.

KATHMANDU, Feb 1: The Food Management and Trading Company Limited (FMTCL) has built physical structures along the Tukuchakhola in the Capital City breaching the government code but has not paid the land and house tax to the Kathmandu Metropolitan City (KMC).

KATHMANDU, Dec 8: The Supreme Court (SC) on Wednesday scrapped the previous government’s decision to increase income tax from five to 15 percent on the retirement payment amounts.

KATHMANDU, Dec 2: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the government to simplify the policy and procedural difficulties in taxation.

KATHMANDU, Sept 23: The Federation of Nepal Cable Television Association (FNCTA) has demanded the government stop the illegal broadcasting and the broadcasting sector be brought under the tax net as per the law.

KATHMANDU, September 11: The prices of two-wheelers are likely to go up as the government has hiked the excise duty on imported motorbikes by up to 20 percent through the revised budget.

KATHMANDU, July 28: The Kathmandu Metropolitan City (KMC) has issued a three days ultimatum to 23 big taxpayers, asking them to settle their taxes.

LONDON, Feb 7: Britain plans to tax retailers and tech companies whose profits have soared during the COVID-19 pandemic, the Sunday Times reported, citing leaked emails.

KATHMANDU, Jan 19: The import of electric vehicles dropped heavily after the government revised the customs duty on environment-friendly automobiles through the budget this year.

Tax on trade of books, not on knowledge

February 27, 2020 18:15 pm

KATHMANDU, Feb 27: Finance Minister Dr Yubaraj Khatiwada has said that the government has imposed tax on the trade of books and not on knowledge.

BUTWAL, Nov 4: Truck entrepreneurs of Province 5 have made it clear that they won't allow the government to add value-added tax (VAT) on freight transport cost.

KATHMANDU, Sep 7: A parliamentary committee has decided to study all recent court decisions related to the controversial capital gains tax case to be paid by telecommunication company Ncell, following questions from various quarters after the judiciary invalidated the tax assessment by the Large Taxpayers Office (LTO) two weeks ago.

Govt mulls introducing inheritance tax

August 31, 2019 06:44 am

KATHMANDU, Aug 31: Finance Minister Yuba Raj Khatiwada on Friday said that the government was considering introducing inheritance or estate tax in a bid to widen parameter of revenues on wealth.

HONG KONG,  Aug 16: Hong Kong’s government announced tax cuts and higher social spending Thursday to reverse a deepening economic slump aggravated by anti-government protests and the U.S.-Chinese tariff war.

KATHMANDU, July 28: Despite widespread criticism from academics, intellectuals, publishers, sellers, and ordinary citizens, the government seems to be obstinate toward imposing 10% customs duty on the import of books.

Your daily dose of the missed important news of the day.

KATHMANDU, July 9: A research conducted by the University of Manchester in May has found that community forestry has contributed immensely to reduction in deforestation and poverty.

KMC to widen tax net

June 26, 2019 07:59 am

KATHMANDU, June 26: The Kathmandu Metropolitan City (KMC) has proposed increasing the tax net in the new fiscal year 2019/20 rather than increasing the rates of taxation.

KATHMANDU, June 21: The Department of Revenue Investigation (DRI) has filed a tax avoidance case in the Kathmandu district court against a group of 15 people charged with evading approximately Rs 3 billion in revenue by producing fake invoices.

KATHMANDU, June 4: The Supreme Court will conduct hearing on the much-debated Ncell tax issue today afternoon.

KATHMANDU, May 30: The government has brought an array of tax breaks and incentives for export promotion and protection of domestic industries. It has also brought tax incentives to support industries based on agriculture.

KATHMANDU, May 23: The International Centre for Settlement of Investment Disputes (ICSID) on Monday registered a case filed by Axiata UK and Ncell against the government of Nepal over capital gains tax levied by the tax authorities in Nepal, according to the ICSID website. The entity is part of the World Bank Group.

BIRGUNJ, May 7: Two Indian citizens have reportedly evaded a total of Rs 180 million in taxes in two separate incidents here. One of the culprits is being searched for by the Inland Revenue Department (IRD) to recover the taxes while the other has been handed down a fine of Rs 20 million and one year jail in absentia by the District Court Parsa.

KATHMANDU, April 26: The Supreme Court on Thursday issued a short-term stay order on a petition filed by telecommunication company Ncell Private Limited questioning the assessment of the capital gains tax (CGT) done by Large Taxpayers Office (LTO) to be paid by the Ncell to the government.

KATHMANDU, April 17: Large Taxpayers' Office (LTO) has assessed the tax amount of Ncell buyout and asked the company on Tuesday to pay the remaining capital gains tax (CGT) amounting to Rs 39.06 billion, which includes interest and fine, within seven days.

Impose tax on social networks: OAG

April 13, 2019 16:23 pm

KATHMANDU, April 13: At a time when the government has been advocating for bringing the social network under tax net, the Office of the Auditor General has asked the government to impose tax on social networks.

Recover the tax money

April 11, 2019 02:00 am

Issuing the full text of its final verdict on the protracted row of Capital Gains Tax (CGT) of Ncell telecommunication company, the Supreme Court has finally resolved the issue.

KATHMANDU, April 10: The Supreme Court on Tuesday ordered Ncell and Axiata Company to pay Capital Gains Taxes (CGT) amounting Rs 39 billion and its interest within three months.

An attorney for President Donald Trump on Friday blasted U.S. House Democrats’ request for six years of Trump’s tax returns as “a misguided attempt” to politicize the tax laws, accusing lawmakers of harassment and interference in IRS audits.

BRUSSELS, March 13: The European Union expanded its tax haven blacklist by 10 countries on Tuesday, adding the United Arab Emirates and Bermuda despite the objections of powerful member states such as Italy.

LONDON, Feb 18: Britain's richest man has been slammed for plans to move to Monaco to save billions in tax less than a year after being knighted.

KATHMANDU, Feb 11: Parliament's Finance Committee on Sunday directed the government to recover all outstanding taxes and fees from the country's all nine telecommunications companies within a month.

KATHMANDU, Feb 5: Industrial enterprises established in Special Economic Zone (SEZ), Bhairahawa, are entitled to a tax rebate on import of equipment and machineries as per the SEZ Act, 2016. However, the Ministry of Finance is not providing the promised tax incentives to industrialists setting up their plants in SEZ.

MADRID, JAN 23: Juventus star Cristiano Ronaldo avoided jail on Tuesday but was ordered by a Spanish court to pay 3.57 million euros ($4.1 million) for committing tax fraud when he was at Real Madrid.

Beni municipality slashes property tax

January 22, 2019 11:14 am

GALESHWOR, Jan 22: Myagdi district’s only municipality Beni has slashed the rates of integrated property tax by reviewing its earlier decision.

DAVOS, Jan 21: Wealth inequality around the world is “out of control” and doing particular harm to women, anti-poverty campaigner Oxfam warned Monday ahead of the annual gathering of business and political leaders in the Swiss ski resort of Davos.

HYDERABAD, Dec 28: The Goods and Services Tax department Thursday said it has attached the bank accounts of Telugu superstar Mahesh Babu to recover service tax dues from him. According to a press release issued by the Hyderabad GST Commissionarate.