518 business firms evade Rs. 6.59b in VAT

The Finance Ministry has completed the investigation of Value Added Tax (VAT) defaulters and confirmed the involvement of at least 518 firms evading some Rs. 6.59 billion.

According to Inland Revenue Department (IRD), the involved firms have evaded some Rs. 3.06 billion in VAT, Rs. 3.32 billion in income tax, and Rs. 205.27 million in excise duty by issuing fake bills, informed Finance Minister Barsha Man Pun in a programme at the Ministry on Sunday.

So far, the government has collected only 115.5 million of the total slapped amount to the defaulters.

The Ministry did not unveil the names of the firms that have involvement in the VAT bill scandal. However, FM Pun said that the defaulters will be apprehended as per the law.

He also urged all to maintain transparency and honesty in their trade and business. nepalnews.com