Industrialists wish come true, VDIS collection exceeds expectation

Finally, the government has taken note of the harried entrepreneurs' plea. It extended the deadline for Voluntary Disclosure of Income Source (VDIS) scheme by a month today. The latest cut off date is March 13.
Perhaps, the tax collection that exceeded expectations may have prompted the relaxation. It had set out to raise Rs 1 billion. It ended up with Rs 1.42 billion till date.
"The extension will help more entrepreneurs to pay their dues," said Krishna Hari Baskota, acting revenue secretary. Interestingly, Baskota had ruled out any extension till yesterday.
Finance Minister Dr Baburam Bhattarai, who arrived after a weeklong visit to Japan this afternoon, hinted at the extension while interacting with the media at the Tribhuvan International Airport (TIA).
"If there is technical issue and the government feels that entrepreneurs' intention is honest, we can always extend the time frame," he had said at the TIA.
Later this evening, his assertions came true.
Earlier, this afternoon A team of industry captains, including Kush Kumar Joshi, president, Federation of Nepalese Chambers of Commerce and Industry (FNCCI); Binod Chaudhary, president of Confederation of Nepalese Industries; Surendra Bir Malakar, president, Nepal Chamber of Commerce; Chandi Raj Dhakal, former president, FNCCI and Rajendra Kumar Khetan, along with other entrepreneurs held elaborate talks with the Finance Ministry mandarins on the deadline impasse. They also sought secrecy of information and creating conductive climate for investment.
The representatives wanted the government to ensure that the current ‘productive’ industries -- that have generated employment -- be barred from investigating their investment source.
Dr Bhattarai, however, maintained that the government would seek the source, if taxes were not paid. "We want more investment in productive sectors and will discourage investment on unproductive sectors," he added.
Meanwhile, a team will be formed to study the promotion of investment and other technicalities. It will submit its report within a week. "We will help government collect taxes within the deadline as the government has also agreed to create an investor-friendly environment," Joshi said.
"As per the revised deadline, the government plans to collect another Rs 1 billion," said Baskota.

Record bettered on 'last day'
KATHMANDU: Till late Wednesday evening, the Inland Revenue Department (IRD) collected Rs 1.42 billion (the declaration stood at Rs 14 billion). A taxpayer paid Rs 39.4 million on Wednesday. "So far, this is the single largest amount by an individual under the scheme," according to the IRD. Two other persons also paid Rs 15 million on Wednesday, declaring Rs 150 million each. Altogether, four persons have paid more than Rs 10 million. Though 85 per cent of the sum was collected in the Valley, the scheme has also gathered momentum in many places like Bhairahawa, where the response was at best lukewarm till Tuesday evening. As on Wednesday evening, more than 1,900 have availed of the scheme. On Wednesday, over 1,100 people paid Rs 650 million.