VDIS is targeted at tax evaders: Dr Bhattarai

Finance Minister Dr Baburam Bhattarai on Thursday said the concept of Voluntary Disclosure of Income Scheme (VDIS) is targeted at those unscrupulous politicians, bureaucrats and businessmen who have evaded tax in the past.

Dr Bhattarai, who was speaking at an interaction in the capital, also clarified that since the VDIS is not property tax, it will not apply to the property which has been inherited or gained with taxed income.

Speaking at the same program, Surendra Bir Malakar, president, Nepal Chamber of Commerce (NCC), however, claimed that the introduction of VDIS would not bode well to the country’s business sector.

“The country is in need of more investments in various business avenues. But, the VDIS is discouraging potential investors to pour their money into new venture,’ he said.

Kapil Ghimire, director-general of Inland Revenue Department (IRD) said people must voluntarily declare their past incomes which have not been taxed till the end of February 11.

The government has already said that a 10 percent of the valuation of properties amassed with income on which taxes have not been paid will have to be paid as tax under VDIS. nepalnews.com Jan 9 09

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