IRD to issue final call to brick makers to pay VAT
19, Mar 2012
The Inland Revenue Department (IRD) plans to make a final
call to brick factories to register themselves under value added tax (VAT). The
IRD's move follows the recommendation of a government committee consisting of
government officials, experts and the factory owners that they be brought under
the tax net.
IRD officials said that they would ask the owners of brick kilns to register
within a few days. "This will be the final call for voluntary registration and
payment of VAT," said Tanka Mani Sharma, director general of the IRD. "We will
shut them down if they continue to ignore instructions to pay VAT." Brick
factory owners have blamed the committee's report as being "unfair", and said
that they would oppose any inconvenient measures imposed by the government.
Mahendra Bahadur Chitrakar, president of the Bricks Producers Association, said
that they would only agree to the system they have proposed under which they
will pay VAT at a flat rate and 85 percent of which will be refunded to them.
"We will only accept this modality of taxation," he added. However, officials
said that this system would have no meaning as it does not require the
factories to issue bills. Other options recommended in the report are
registering the firms under VAT and exempting them from paying outstanding VAT
or imposing a green tax at a rate lower than the VAT rate.
The IRD intends to assume a tough stance as most brick factories have been
continuously disregarding directions to register as VAT payers. IRD officials
said that the factories have been refusing to pay VAT despite conducting
transactions worth millions of rupees."We have waited for them for a long
period to come under the VAT net, and the government had also formed a dialogue
committee," said Sharma. "The dialogue committee has recommended that VAT
should be imposed on the brick factories."
- 21, Sep 12 Cash Dividend of Prime Commercial Bank Ltd.
- 19, Mar 12 Prime adds branches
- 02, Feb 12 Bank `hired goons' to seize financed vehicle
- 12, Jan 11 New Prime branch
- 14, Dec 10 Prime in Bagbazar
- 11, Oct 10 Bonus Share and Cash Dividend: PCBL
- 09, Sep 10 Prime Life's mela
- 13, Jul 10 Prime in Panauti
- 23, Apr 10 PCBL at Kawashoti
- 14, Mar 10 Prime Bank at Ason
- 14, Feb 10 PCBL in Jorpati
- 04, Feb 10 Prime Bank in Sindhuli
- 08, Nov 09 Right and Bonus Share of PCBL
- 03, Aug 09 IPO allotment of Prime
- 22, Apr 09 Prime Bank's IPO