Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has urged the licensed institutions to carry out payment related activities to facilitate the implementation of the ‘Tax Payers Incentive Gift Programme-2083’.

The central bank has asked all customers to inform about the Tax Payer Incentive Gift Program, which will come into operation from August 7, 2083. Executive Director of Nepal Rastra Bank, Nischal Adhikari, said that the customers have been requested to send information about updating mobile app for participating in the program.

The central bank has requested the institutions licensed to carry out payment related activities to include a separate section on Frequently Asked Questions (FAQs) related to the Taxpayer Incentive Gift Program, 2083 BS in their mobile app. Likewise, it has also urged the taxpayers to disseminate information regarding incentives from August 1.

This is the government’s plan to make millionaires

}

The government has forwarded the programme as per the plan to make the citizens involved in the tax system lakhpati every day. Citizens who are linked to Value Added Tax (VAT) and Permanent Account Number (PAN) and have taken bills through online or cash payment with transaction of more than Rs 100 are eligible to enroll in this campaign.

For this, you will have to take the original bill when buying goods worth more than Rs 100 or paying at hotels and restaurants. Winners will be selected on the 1st and 16th of every month. The Ministry of Finance has already implemented the ‘Taxpayer Incentive Gift Programme Operation Procedure-2083’.

The Ministry of Finance has formulated the work procedure in exercise of the powers given by the Economic Procedures and Financial Accountability Act, 2076. Special provisions have been made in the working procedure for the operation of the taxpayer incentive gift program in a simple, easy, systematic and effective manner.

It is stated in the work procedure that the programme is going to be implemented to increase tax compliance by developing a culture of buying and giving invoices in the purchase and sale of goods and services and to encourage documentation of real transactions.

The Inland Revenue Department will run the programme. The Department can select the organizer or assign management responsibility for the operation of the program. As per the scheme, one person will be provided with a bumper prize of Rs 10 lakh on a fortnightly basis. Similarly, one winner will get Rs 133,333 each on a daily basis.

The names of the selected consumers will be made public through the website of the Inland Revenue Department and social media. According to the Income Tax Act, tax will be deducted at the rate of 25 percent on the payment of emergency benefits.

Invoices purchased for business purposes, invoices issued in the name of government bodies or public institutions are not eligible to participate in the program. Telephone, internet, electricity, vehicle and transport vehicles, and invoices for the purchase of air tickets are also not eligible to participate. The procedure also states that the invoice purchased by a person who does not have a permanent account number will not be valid.

The government is going to implement this program with the objective of honoring the taxpayers through the budget of the current fiscal year. According to the Inland Revenue Department, the program is being implemented to respect the taxpayers and to develop the habit of paying tax and increase the practice of taking and giving invoices.

The Taxpayer Incentive Gift Program will be implemented subject to the approved annual budget and program. Purchases made through electronic payment from 1st of each month till the end of the same month and invoices entered into the system will be included in the program for that month.

A gift stamp will be available through each purchase invoice and electronic payment system. The invoice entered into the system is eligible to participate in the program for one time.

The invoice number, the Permanent Account Number of the seller, the date of issue of the invoice, the total amount of the invoice, the type of payment, the name of the buyer and the mobile number should be mentioned. You will have to disclose whether the payment is in cash or electronic. Purchases made through qualified invoices and electronic payment will be included in the program by automatic verification of the details entered in the system.

As per the procedure, high-ranking or celebrity persons, representatives of various agencies and media representatives can be invited while selecting the winners. The winners will have to inform the winner about the selection through his/her mobile number or email.

The department will pay the gift amount directly to the winner’s bank account. If the winner fails to claim the gift within the stipulated time, the gift amount will be deposited in the Prime Minister Natural Disaster Relief Fund.