HomeLOCAL NEWSNepal’s Rev Dept Files Lawsuits for NPR 24.74 Billion Tax Evasion!

Nepal’s Rev Dept Files Lawsuits for NPR 24.74 Billion Tax Evasion!

Nepal’s Department of Revenue Investigation has filed lawsuits claiming a total of NPR 24.74 billion in tax evasion in the fiscal year 2020-21.

The tax evasion cases are related to fake Value Added Tax (VAT) receipts and foreign currency misuse.

The Revenue Department had filed 138 cases against 431 individuals for tax evasion and foreign currency misuse in the last fiscal.

A total of 84 cases were filed against 317 individuals for dodging revenues worth NPR 9.81 billion. Likewise, 54 cases were filed against 114 individuals for foreign exchange misuse totaling NPR 4.94 billion.

“We filed a large number of cases against those involved in producing fake VAT receipts, so the leakage amount is huge,” said Shiva Lal Tiwari, Revenue Department official.

“Cases related to fake VAT receipts accounted for 50 to 60 percent of total cases of revenue leakage in the last fiscal year,” added Tiwari.

According to the Revenue Department, the tax evasion offenses in the FY 2020/21 increased by 51% from the FY 2019/20.

A total of 244 tax evasion cases were filed claiming tax loses of around NPR 16.37 billion in the fiscal year 2019/20.

Stay Tuned to NepaliSansar for Latest Nepal Financial News!

More News:

Nepal Suffers 13 COVID-19 Deaths on Thursday
Nepal’s Newly Appointed Foreign Minister Departs for UN General Assembly
Nepal’s Civil Aviation Authority Gets a New Director-General
Pokhara Paragliding All Set to Restart Soon

The post Nepal’s Rev Dept Files Lawsuits for NPR 24.74 Billion Tax Evasion! appeared first on Nepali Sansar.

Latest articles