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152,000 new taxpayers
KATHMANDU, AUG 11 -
The total number of taxpayers reached 507,000 by the end of fiscal year (FY) 2009-10, thanks to an additional 152,000 new taxpayers. There were 424,941 registered taxpayers in FY 2008-09.
Although the government had planned to add 200,000 new taxpayers in the last fiscal year, it failed to increase the number to the targeted level.
Officials at the Inland Revenue Department (IRD) however, described the added number of taxpayers as a success. The government had declared the last fiscal year ‘Tax Compliance Year’ in order to widen the tax net.
A total of 418,598 income taxpayers were registered by the end of the last fiscal year while the number of value added tax (VAT) payers reached 82,230. The number of those who registered for Permanent Account Number (PAN) reached around 100,000, according to the Inland Revenue Department (IRD). The government had promoted the PAN system by presenting the first PAN to President Dr. Ram Baran Yadav.
IRD Deputy Director General Laxman Aryal said the number of taxpayers added in the last fiscal year was satisfactory. Officials said the number of taxpayers went up due to online service for PAN registration.
The number of taxpayers has increased constantly over the last few years. In FY 2006-07, the total number of taxpayers was 309,409, which went up to 348,130 in FY 2007-08.
The IRD was able to collect Rs 1 billion by penalizing tax defaulters.
It was also able to collect about Rs 750 million from those who didn’t comply with tax payment directives and also those who under-complied.
The IRD was able to collect a total of Rs 112.33 billion in last fiscal year.
But, overall revenue collection stood at Rs 179.90 billion. The country has seen constant growth in revenue over the last four years, exceeding set target.
Posted on: 2010-08-12 07:50
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