Business

NRB instructs banks to open counters to collect revenue for three days

Private sector leaders have demanded a deferral of deadline to pay taxes including VAT set for Thursday

KathmanduPati September 08, 2020

KATHMANDU: Nepal Rastra Bank (NRB) has instructed all banks and financial institutions (BFIs) designated for revenue collections to open their branches and counters for three days.

Issuing a notice on Monday, NRB—the regulator of the banking sector—has instructed such BFIs to operate their branch offices and counters to collect revenues for Tuesday, Wednesday and Thursday.

As the deadline for filing value added tax (VAT) is until Thursday, the central bank has directed BFIs to open their branches and counters to facilitate the collection of the revenue for three days. The notice comes in the wake of a lockdown imposed by local authorities to contain the spread of coronavirus.

While businesses have a deadline to make VAT filing by Thursday, local authorities have imposed lockdown in the Valley until Wednesday.

Private sector leaders demanded the deadline to file taxes to be suspended for some time as COVID-19 and the lockdown imposed by the local authorities have crippled their businesses.

In a meeting with the Prime Minister KP Sharma Oli on Monday, private sector leaders have urged the government to defer the deadline for paying taxes for a few months.