Saturday, November 17, 2018

Surya Nepal, Siddhartha Rana highest taxpayers

Siddhartha SJB Rana bagged the award for paying the highest amount of income tax in individual category, whereas Surya Nepal paid the highest tax among the companies. Likewise, Sipradi Trading paid the highest tax among trading companies for the last fiscal year 2016-17.
Rana – the executive chairman of Sipradi Trading – has bagged the highest taxpayer award for the fifth time in last seven years. The Inland Revenue Department (IRD) today honoured Rana and Sipradi Trading amid a function organised in the capital today, on the occasion of 7th National Tax Day.
Rana was awarded the highest taxpayer for the consecutive five years (2012-13, 2013-14, 2014-15, 2015-16 and 2016-17), whereas Sipradi Trading has earned the distinction of being the highest income tax payer among trading companies for the consecutive four years – from 2012-13, 2014-15, 2015-16 to 2016-17.
Along with being the executive chairman of Sipradi Trading, Siddhartha SJB Rana has been instrumental in consolidating and expanding various businesses in Nepal. As a young visionary in the Nepali corporate world, he was selected as the 'Global Leader for Tomorrow' by the World Economic Forum (WEF), Davos in 2001. Rana is a committed philanthropist in education, economic upliftment, heritage preservation and wildlife conservation. He has made the single-largest personal donation to Help Nepal Network (HeNN) that works in the field of health and education in rural Nepal. Rana was also awarded with the Karobar Excellence Award 2018 as the highest individual taxpayer of the country.
Likewise, Sipradi is a major player in automotive and allied business for over 37 years in Nepal. The company has been a sole distributor of Tata Motors, India and is an exclusive distributor of MAK Lubricants, Michelin Tires, Exide Batteries, TATA-Hitachi and other various line of products in Nepal. Sipradi was also honoured by Inland Revenue Department (IRD) for being the first company in Nepal to embrace and implement Central Billing Monetary System (CBMS) in the year 2017 and bringing all trading records of the firms into the government’s surveillance system. 
The government has honoured some 15 highest taxpayers under different categories today to promote the taxpaying culture in the country. Finance Minister Dr Yuba Raj Khatiwada honoured the top companies in 15 categories during the programme organised by the Inland Revenue Department (IRD).
Leaving the last year's highest tax payers telecom companies far behind, multinational company Surya Nepal was announced the highest taxpayer this year. Surya Nepal has been a top taxpayer twice in the past as well,
Probiotech Industries (agro and livestock sector) under the the Nimbus Holdings that deals with around 20 products in animal feed, another 20 in feed supplements and 20 more in fine chemicals, vaccines and medicines also bagged the award. Likewise, Chhimek Laghubitta Bittaya Sanstha (cooperatives and microfinance institutions), Nabil Bank (bank and financial institutions and remittance companies), Nepal Reinsurance Company (among insurance companies), Noble Medical College and Teaching Hospital (among health and education service providers) and F1 Soft International (IT sector), Taragaon Regency Hotels (tourism sector), Nepal Investment (companies with annual turnover up to Rs 400 million), Nepal Stock Exchange (highest amount of income tax among the list of companies which have annual turnover between Rs 400 million and Rs 800 million), Dabur Nepal and Himal Power.
Addressing the programme, finance minister Dr Khatiwada urged to pay tax. "Non-payment of tax would be a hindrance to the nation," he said, stressing on the need of raising awareness that even the lowest tax-payer is a respectable tax-payer.
Likewise finance secretary Dr Rajan Khanal, on the occasion, said that the government is planning tax reform and that some changes have been visible in the last few years.
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Bhawani Rana, Confederation of Nepalese Industries (CNI) chair Hari Bhakta Sharma and president of Nepal Chambers of Commerce Rajesh Kaji Shrestha drew the government’s attention towards creating environment conducive for investment in the industrial sector by making industry-friendly taxation system.

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