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1. Nepal Tax Fact F.Y. 2013/14 July 2013 Nepal Tax Fact

2. The Nepal Tax Facts 2013/14 booklet aims at providing a brief overview of the Nepalese Taxation system based on Finance Act 2070. The information contained in this booklet is intended as a quick reference guide, specifically designed for our clients. Details of the relevant legislation have not been included. Specific professional advice should be obtained before taking any action.
3. Contents Special Budget Proposals • Tax Proposals- Income Tax & VAT Page 4 Income Tax Provisions for F.Y. 2013/14 • Introduction to Income Tax law in Nepal Page 6 • Taxation of Individuals Page 8 • Taxation of Businesses Page 11 • Withholding Taxes Page 14 • Tax Returns Page 17 • Fees and Interest Page 18 • Tax Assessment, Appeal & Review Page 19 Baker Tilly Nepal- Introduction Page 20
4. Nepal Tax Fact 2013/14 । 4 Special Budget Proposals A. Tax Proposals- Income Tax & VAT 1. Presumptive Tax Payers 1.1 If the tax payer with turnover up to Rs. 2 Million and Profit up to Rs. 0.2 Million who has not submitted tax return for 2068/69 and earlier year, submits tax return for F.Y. 2067/68 and F.Y. 2068/69 and pays tax within Ashwin end, 2070, tax return is not required to be submitted for period before that and the tax, fees and Interest shall be exempted. 1.2 If the taxpayer registered for VAT have not submitted any VAT return for F.Y. 2068/69 and earlier and have not paid any VAT, the fees, penalties and other additional interest are exempted if VAT is paid and return is submitted within Poush end, 2070. Advertisement