"There were differences among the traders and businessmen about the threshold. While some were for scrapping the threshold, other had opined to continue the erstwhile threshold. There were also those who want to raise the threshold to Rs 10 million," Bhattarai said, speaking at an interaction on the impact of new revenue policies on small taxpayers and retail sector. However, HLTRC recommended raising the VAT threshold to Rs 5 million."Expressing commitment to simplify revenue administration, Bhattarai also said that the entrepreneurs will be categorized and the tax administration will be made easier for small tax payers. He also said that the government has introduced transaction tax for retailers with business size of Rs 2-5 million.
Stating that 'death and tax' were inevitable, he also warned tax evaders of stringent action. He also said that the government was planning to organize tax awareness programs across the country in collaboration with the private sector.
Bhattarai also said that the tax mismatch was the problem resulting from not presenting the correct tax details and that it has nothing to do with tax officers. Urging traders to document the information properly, he also said discrepancies can be detected from verification.
According to Bhattarai, small firms suffering from the devastation caused by the earthquake can get waiver on income tax, house rent tax, and renewal fee on excise duty license for fiscal year 2014/15 if they have presented the projected income statement. They can get such waiver by submitting the certificate issued by District Natural Disaster Relief Committee.
Speaking at the problem, Pabitra Bajracharya, chairman of Nepal Retailers Association, urged the retailers to submit income statement in time.
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