Kathmandu. With the formation of the new government, the taxpayers have put forward various reform-oriented expectations. Extending best wishes on the occasion of Ram Navami today, Nepal Taxpayers Society has published a 10-point expectation to make the tax system simple, transparent and effective.

The organization has high hopes that good governance, corruption control and improvement in people’s livelihood will be formed on the basis of the unprecedented unity and people’s mandate shown by the people through the Jenji agitation held on September 6 and 24 and the elections held on March 4.

The organization congratulated the government and hoped that concrete steps would be taken in the first cabinet meeting.

• Tax payment system will be made fully automated by eliminating the provision of reprinting the financial audit report and other necessary documents submitted to the office while entering the income statement (Day 3 / Day 4) in the online system.
• Tax facilities prescribed by the thematic laws will be automatically implemented through the Finance Act and if necessary, an integrated system will be implemented by amending the related acts.
• According to Section 101 TAG_OPEN_em_23(3) of the Income Tax Act, the tax examination period will be limited to 2 years and the tax examination will be made faceless. Also, the annual Rs. Implement compulsory tax audit along with financial audit for organizations with turnover of more than Rs 5 crore.
• } To create a position of Chartered Accountants as Tax Experts in every Inland Revenue Office and to ensure legal arrangements for arguing them in the Revenue Tribunal.
• {{TAG_OPEN_em_21} To establish an independent and expert review body under the Ministry of Finance by improving the existing system of tax assessment and review by the Inland Revenue Department. Fix a maximum time limit of two years for settling tax cases and limit the amount of deposit to be kept for review to 10 percent.
• Traders Debt Recovery Act to be presented in the Parliament immediately.
• Provision should be made that the amount to be compulsorily deposited in the social security fund is more than Rs 5 lakh, and there should be no tax or deposit above it.
• annual Rs. Implement the provision of issuing electronic invoices compulsorily to the taxpayers with transactions of more than Rs 25 crore.
• Section TAG_OPEN_em_17 57 of the Income Tax Act shall not be attracted in the case of cancellation and nomination of shares due to regular and family reasons or death.
• Develop a single online system for the registration of all types of businesses (TAG_OPEN_em_16 private firms, partnership firms, companies), through which registration certificates, licenses and permanent account numbers will be available at once. In addition, make the annual renewal process completely online.