. Finance Minister Dr Swarnim Wagle has said developing a culture of giving and receiving VAT bill would play a significant role in controlling revenue leakage and expanding the tax net.
Speaking at the first announcement ceremony of the taxpayers incentive programme held on Friday, Minister Khatiwada said that the government aims to make the tax system more transparent and effective through digital system. He said, “We believe that by developing a culture of digital means for taxpayers to adopt digital means and pay and receive bills, it will help in preventing revenue leakage and involving those outside the tax net in the country-building in a formal and transparent manner.”
We will continue to improve it. This is possible today due to a combination of technology and policy. Finance Minister Wagle said the revenue collection target for the current fiscal year was ambitious and it was necessary to expand the tax net to meet it.
“This year, we have set a target of collecting Rs 1,580 billion in revenue.
Therefore, through such programs, we aim to broaden the tax net and encourage everyone to join the formal economy. We are very optimistic that this program will be successful. Stating that the misuse of VAT bill and the practice of counterfeit transactions would be discouraged, he said that in the initial phase, precautionary measures would be adopted rather than punitive.
He said, “There has also been a practice of deducting VAT bills and some fake transactions. We discourage such activities. At first, we will proceed in a softer way than punishment and try to remind the concerned party. “If the taxpayer incentive programme is implemented effectively, it can set an example at the international level,” he said.
“If this program is as successful as we want it to be, we hope that it will be emulated internationally,” he said.
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