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.

KATHMANDU, Nov 19: Minister for Agriculture and Livestock Development Chakra Pani Khanal has shared that the government was working to increase import taxes in bananas aimed at lessening its import from India.

KATHMANDU, Nov 17: The government has honoured the highest taxpayers under different categories on the occasion of the 7th National Tax Day on Saturday.

KATHMANDU, Nov 17: Prime Minister KP Sharma Oli has said the campaign nation-building cannot be expedited without the development of a positive attitude towards a progressive tax system.

DANG, Oct 11: Tulsipur sub-metropolis of Dang district is currently facing charges at High Court for imposing taxes on various export items. Businessmen and traders had filed a petition at the court challenging the sub-metropolis’ decision to hike taxes.

DANG, Sept 25: In a recent village council meeting, Gadawa Rural Municipality of Dang  decided to impose tax on the export of sand and stones. As mining entrepreneurs already pay tax to the District Coordination Committee for the business, the rural municipality's decision is going to force them to pay taxes twice for the same thing.

Tax terror! (with video)

September 10, 2018 19:32 pm

As the country has adopted federalism, the concept of the local government has emerged. Based on the concept, local governments have been formed after the election. As the local governments have to generate the revenue source, they have started imposing unnecessary taxation.

SAPTARI, Sept 3: Minister for Finance Dr Yubaraj Khatiwada has reaffirmed that the taxation in multi points would be ended very soon.

BHADRAPUR, Sept 1: The Appellate Court, Ilam has on Friday issued an interim order not to impose export tax on ginger.

KATHMANDU, Aug 28: Amid complaints that local bodies were imposing exorbitant taxes, top leaders of the Nepali Congress (NC) and Rastriya Janata Party Nepal (RJPN) have directed the elected officials of the local bodies representing their parties not to increase taxes in a way that would make the lives of the ordinary people difficult.

KATHMANDU, Aug 22: Tax officials say that they have been failing to bring trade of fruits and vegetables under the tax net because of informal nature of such trade.

Government forms two committees to look into taxation concerns

RATNANAGAR, Aug 16: The Ratnanagar municipality and agitating seven parties led by Nepali Congress (NC) have reached an 11-point charter of consensus on tax adjustment, putting to an end to the struggle waged to protest rise in tax.

KATHMANDU, Aug1: At a time when there is criticism from various quarters over the increasing burden of tax on ordinary people, Ilam Municipality in eastern part of the country has decided to impose 50 paisa per liter tax on petroleum products in the name of controlling pollution.

MADRID, July 28: Cristiano Ronaldo will be fined 3.2 million euros (2.82 million pounds)and sentenced to 24 months in prison, a sentence he is unlikely to serve, after settling a tax evasion case with Spanish tax authorities, the prosecutor said on Friday.

KATHMANDU, July 25: Income tax collection saw a shortfall of 7.33 percent against the target of Rs 149 billion in the last Fiscal Year 2017/18. The revenue collection stood at only Rs 140 billion that had witnessed a whopping growth of 18 percent in the previous Fiscal Year 2016/17.

KATHMANDU, July 24: According to Revenue Secretary Shishir Kumar Dhungana, the government imposed the new tax after finding income tax collection from the sector very low. He, however, clarified that the tax cannot be passed on to consumers.Fruits and vegetable traders have allegedly hiked prices after TDS came into effect from last Tuesday -- the start of new Fiscal Year 2018/19.

INDIA, July 23: The tax on the sanitary pads was first imposed by the ruling right-wing government in July 2017 under India’s Goods and Services Tax (GST). After nearly a year of campaigning by advocates, India removed a controversial 12 percent tax on sanitary pads Saturday.

BIRGUNJ, July 6: Birgunj Metropolitan City (BMC) has collected just Rs 49.4 million as integrated property tax on National Medical College of Birgunj-18, instead of the previously calculated amount of Rs. 103.8 million.

KAMPALA, July 1: Uganda’s major telecom operators, including the local division of South Africa’s MTN Group, said they will ask customers to pay a new government tax on social media accounts before they can access them.

India will suspend trade concessions and raise import duties on 30 products from the United States by up to 50 percent, in a mirror response to Washington’s impetuous move to impose tariffs on steel and aluminum imports.

DHARAN, June 11: Local units across the country are worried that their revenue might be affected once the new policy on taxation of land and property comes into force.

KATHMANDU, June 7: The government has decided not to immediately impose the new formula for calculating capital gains on the sale of rights and bonus shares.

KATHMANDU, May 30: The main opposition party, Nepali Congress, argued that the budget would increase burden of tax and loan on the people.

KATHMANDU, May 29: The fiscal budget has made provisions to levy tax on alcohol, cigars, sanitary, electronics and construction materials.