The Inland Revenue Department (IRD) has slapped Rs. 5.42 billion as tax and fines to the firms that have been found involved in the use of fake value added tax (VAT) bills to evade taxes.

Of the total 518 cases, the department has completed investigation against 502 firms and confirmed their involvement in evading taxes through the use of fake receipts by mid-February, said the department.

Though the department had aimed to complete the investigation by mid-February, it is yet to complete the investigation of remaining 16 firms.

Among the remaining firms on which investigation is yet to be completed, 14 firms are large tax paying firms, according to the department.

Large Taxpayers Office and Inland Revenue Offices in Hetauda and Janakpur are investigating on the remaining firms, the department added.

Earlier, the IRD had completed the investigation against 468 firms that were involved in evading VAT. nepalnews.com