Concessions Provided Under Budget 81-82
For individuals who have not obtained PAN but have earned taxable income in previous years:
- Such individuals can obtain PAN, file returns for the fiscal years 2078-79 and 2079-80, and pay the taxes for those two years by the end of Falgun 2081.
- No interest or penalties will be charged.
- There will be no tax or return liability for any previous years.
For individuals who have obtained PAN but have not filed income tax returns for previous years:
- These individuals can file income tax returns for all previous years and pay the due taxes along with 25% of the applicable interest by the end of Falgun 2081.
- All remaining interest and penalties will be waived.
For individuals who have not filed VAT returns up to Asadh 31st, 2080:
- These individuals can file VAT returns, pay the due tax, and 50% of the total applicable interest.
- All other fees and penalties will be waived.
For International Air Transport Service Providers
Waiver of VAT, Interest, and Penalties:
- International air transport service providers who have not collected or paid taxes on services from Jeshta 15, 2080, to the end of Ashoj 2080, will have their VAT, interest, and penalties waived.
Relief for Non-Nepal Embarking Air Transport Service Providers:
- For air transport service providers who have not paid VAT on services not embarking from Nepal since Jeshta 15, 2080, all interest, fees, and penalties will be waived if the VAT is paid by the end of Ashar 2081.
Waiver of VAT for Freight Service Providers
- Freight service providers who have not paid VAT from Jeshta 15, 2076, to Jeshta 14, 2078, will have additional interest, penalties, and fees waived if they pay an amount equal to 1% of such taxable transactions.
If you fall under any of the above, we advise you to take advantage of these provisions and fulfil your tax liability.
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