What is the Difference Between Excise Duty and Custom Duty in Nepal? The government uses welfare state duties as a source of revenue to fund a variety of social and development projects. The government is able to run the state because of taxes and duties. The Excise Duty Act, 2058 (2001) was passed in order …
WHAT EXACTLY IS PAN? According to Section 78 of the Income Tax Act of 2058 (2002), the Inland Revenue Department is required by law to issue Permanent Account Numbers (PANs). A Permanent Account Number (PAN) is a number issued by the Inland Revenue Department in the form of a laminated card to any “person” who …
What exactly is VAT? Value-added tax (VAT) was implemented on March 20, 1996, with the passage of the new Value Added Tax Act, 2052. (1996). VAT (The value-added tax) is an indirect tax or consumption tax levied on goods and services. The tax will be imposed on the aggregate value of all taxable goods and …
1. What is the definition of income tax? The term “income tax” refers to the Nepalese government’s tax on all individual earnings. The term “Income” refers to any income earned by a person from employment, a profession, or an investment. The provisions governing income tax are found in the Income Tax Act of 2058 (2002). Taxation …