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Govt indicates at valuating property at cost price under VDIS

Finance Ministry has on Sunday indicated at the possibility of valuating property at cost price under Voluntary Declaration of Income Scheme (VDIS), according to media reports.

“If the taxpayers help in declaring the investments made in industrial and commercial avenues without paying tax under the VDIS, the government is also ready to maintain the cost price while evaluating the property earning without paying tax,” said a concerned official at a meeting on VDIS held in the Finance Ministry.

Apart from the ministry officials, the meeting was attended by the businessmen representing Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industry (CNI), Nepal Chambers of Commerce (NCC) and representatives of Nepal Bankers’ Association (NBA).

However, the ministry officials refused to acquiesce to the demand of businessmen that the sources of income should be sought on the investment made in various sectors.

During the meeting, the private sector representatives also asked the government to extend the deadline of VDIS for the next two months.

It is reported that the government has so far collected some Rs 7 million from 190 taxpayers under the VDIS. The government has set a target of collecting Rs 1 billion under this programme. nepalnews.com Feb 09 09