Tuesday, November 1, 2011

Take action against VAT evaders: FNCCI

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the state should not spare firms, traders, organisations or persons, who have cheated revenue 'intentionally'.
"The apex body of the private sector is firmly committed that all taxpayers should pay tax according to law," it said, adding that fair entrepreneurship should be promoted by taking action against all the persons, firms and companies involved in tax evasion.
It has also demanded comprehensive investigation on the VAT defaulters and asked them to bring to book. "However, the government and all concerned stakeholders should be careful in portraying all the business community as 'tax defaulters.'
"Otherwise, it may have negative impact on national economy," it said.
The FNCCI has also blamed the bureaucracy for the VAT fraud scam. "Revenue leakage of this amount is impossible without involvement, weaknesses and errors in tax system, tax administration and government officials, it said, adding that the scam has revealed the need of improvement in revenue administration too.


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