Govt collects Rs 110 million under VDIS
The government on Thursday, the second last day of the voluntary declaration of income scheme (VDIS), collected some Rs 110 million in revenue as 350 people disclosed their property worth Rs 1.10 billion, according to media reports.
It is reported that the number of people complying with the VDIS has increased by 2,750 and, subsequently, the government revenue collection over the period also exceeded the Rs 250 million mark.
The government had collected over Rs 1.04 billion in revenue till February 11, the original duration set for the VDIS.
Some 2,000 people had disclosed their property worth Rs 10.40 billion and paid 10 percent tax to the government.
Notably, the VDIS deadline was extended till March 13 from the earlier deadline of Feb 11 on the insistence of businessmen with the agreement that a committee of government officials and businessmen would define which industries would be exempt from investigations.
The Inland Revenue Department (IRD) has expected the response to the VDIS will be more encouraging on the final day, Friday.
The government came up with the program of VDIS in this year’s budget in October 2008 to stimulate the people who have amassed property without paying due taxes, to pay their taxes and legalize their property.
The government has already issued warning that it will take strict action like confiscation of property and fines and penalty of up to 100 percent against those who refuse to come under the tax net.
Meanwhile, the Ministry of Finance has directed IRD to start investigating the sources of property of individuals included in its list of potential tax evaders, starting from March 14, it is known.
IRD has reportedly prepared separate files of some 10,000 persons, identifying them as either operating in a grey market or not complying with the tax laws. nepalnews.com Mar 13 09
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