Bill to repeal 4 Acts and 1 Regulation related to Finance registered in Parliament
लगानी न्यूज
. The government has registered a bill in the parliament to repeal four various acts and one regulation related to the economic sector.
The Bill Designed to Amend and Repeal Some Laws Related to Finance, 2083 registered in the House of Representatives on July 7 has repealed some laws and initiated the process of amendment to some laws with the objective of ending various legal complexities, duplication, legal reforms in line with the constitution and federal governance system, making revenue administration technology-friendly and making public service delivery effective TAG_OPEN_div_50 ।
According to the Ministry of Finance, the bill has been registered in the parliament to remove the legal and institutional provisions that are not in line with the letter and spirit of the constitution and seem irrelevant in the context of the present federal governance structure, to end legal duplication and to ensure effective public service delivery in a short time and cost.TAG_OPEN_div_48
Provincial Development Plans (Implementation) Act, 2013, Promotion of Nepali Currency Act, 2014, Income Stamp Fee Act, 2019, Revenue Leakage (Investigation and Control) Act, 2052 BS, Financial Intermediation Institution Act, 2055 and Revenue Leakage (Investigation and Control) Regulation, 2070 have been proposed to be repealed.TAG_OPEN_div_46
Similarly, amendments to the Value Added Tax Act, 2052, Income Tax Act, 2058 and Customs Act, 2082 have been included in the bill.TAG_OPEN_div_44
The bill has proposed to include a new provision in the Value Added Tax Act, 2052 BS (2 TAG_OPEN_div_42 052) to require the vehicles transporting goods for commercial purpose to be included in the web-based online transport vehicle monitoring system.
According to the proposed provision, while transporting goods for commercial purpose from the vehicles registered in accordance with the law, all the details thereof should be transported only by entering it in the web-based online transport vehicle monitoring system.
The bill has also made a provision that all transport vehicles registered or registered in Nepal should be fitted with a GPS device that shows the geo-location as per the prescribed criteria and its serial number should be registered with the concerned body.TAG_OPEN_div_38
However, the bill also proposes to exempt vehicles operating in certain areas from GPS connection.TAG_OPEN_div_36
The tax officer has the provision of fine up to Rs 50,TAG_OPEN_div_34 000 for the first time and up to Rs 100,000 for each time if the owner or user of a transport vehicle violates the provision related to GPS connection or not entering the details in the online system.
TAG_OPEN_div_32 The bill proposes important amendments to the Income Tax Act, 2058. Section 2 of the Act adds a new definition of ‘non-tax’. Non-tax means the fee, fee, service charge, royalty, dividend, penalty or principal refund as per the prevailing law. Non-tax is defined as the interest charged on such amounts.
The bill proposes a provision for non-tax assessment and collection by adding a new section 72 (a) to the Income Tax Act.TAG_OPEN_div_30 In case the non-tax payable under the prevailing law has not been paid or has not been paid, it may be determined or caused to be assessed by conducting investigation and investigation subject to the directives of the Government of Nepal.
It has been proposed to recover a hundred percent penalty if further non-tax liability is found to be established from the investigation.
The bill is expected to expand the use of information technology in revenue administration, monitor the transportation system in real time, make non-tax collection more systematic and create a legal framework conducive to the federal system by removing outdated and irrelevant legal provisions.TAG_OPEN_div_26
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