Finance Minister sticks to VDIS deadline

Finance Minister Dr Baburam Bhattarai today ruled out extension of deadline for the Voluntary Disclosure of Income Scheme (VDIS).
While interacting to mediapersons — ahead of his weeklong visit to Japan — at the Tribhuwan International Airport, he said that there would not be any relaxation of the VDIS deadline, which expires on February 11.
As per the Finance Ministry’s scheme, those who do not have any specific source of income can make their earnings legitimate by paying a nominal 10 per cent tax.
The ministry has urged professionals — like doctors, engineers and lawyers — to follow the VDIS norms. Politicians, too, have been asked to follow suit. The Maoist-led government declared that it would not seek the source of income if the tax was paid within the February-11 cutoff date.
The business community has been asking for an extension of the deadline.
Yesterday, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) submitted a memorandum to Prime Minister Puspa Kamal Dahal 'Prachanda', urging the government to stretch the timeframe by at least another two months.
"The PM was positive," said one of the entrepreneurs, who were part of the delegation.
But, Dr Bhattarai is clearly in no mood to relent. “We will take stern action against those who fail to comply with the deadline,” he said.
His trip to the Asian powerhouse aims to encourage Japanese private investment towards local hydroelectric projects.