Kathmandu [Nepal], July 21 – The Nepal Government on Tuesday launched a taxpayer incentive programme offering cash prizes of up to Rs 1 million to encourage consumers to collect invoices while purchasing goods and services, as part of efforts to improve tax compliance and promote transparent transactions.<\/p>\n\n\n\n
The Ministry of Finance has approved the Taxpayer Incentive Gift Programme Operation Procedure, 2083<\/em> under the authority granted by the Economic Procedures and Fiscal Responsibility Act, 2076. According to the ministry, the procedure has already come into effect.<\/p>\n\n\n\n The Internal Revenue Department will implement the programme in line with the approved annual budget and programmes. The department may also appoint an event organiser if needed to manage the scheme.<\/p>\n\n\n\n Under the programme, consumers who purchase goods or services worth more than Rs 100 for personal use within Nepal will be eligible to participate. One gift ticket will be generated for each eligible transaction supported by a valid bill or made through electronic payment. Each bill can be used only once.<\/p>\n\n\n\n Purchases made through electronic payment will be entered into the programme automatically. Consumers making purchases in cash or through other payment methods must submit details of their bill through the department’s system within the prescribed deadline. The bill will be included after the department verifies the information.<\/p>\n\n\n\n Bills for business purchases, purchases made in the name of government bodies or public institutions, telephone, internet and electricity payments, vehicle and transportation charges, airline tickets and certain other transactions listed in the procedure will not be eligible.<\/p>\n\n\n\n According to the procedure, the department will conduct an automated draw on the 1st and 16th of every month. Winners will be <\/p>\n\n\n\n informed through their registered mobile number and email and their names will be published on the department’s website and social media platforms.<\/p>\n\n\n\n The procedure states that daily winners will receive prizes worth Rs 133,334 while a bumper winner selected every 15 days will receive Rs 1 million.<\/p>\n\n\n\n A 25 percent tax on incidental income will be deducted from the prize amount under the Income Tax Act, 2001. Winners must claim their prize within 15 days of the announcement by submitting the required documents to the nearest Inland Revenue Office. If the prize is not claimed within the deadline, the amount will be transferred to the Prime Minister Disaster Relief Fund.<\/p>\n\n\n\n The government said the programme aims to encourage consumers to demand bills, promote electronic payments, improve transparency in transactions and reduce revenue leakage.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu [Nepal], July 21 – The Nepal Government on Tuesday launched a taxpayer incentive programme offering cash prizes of up to Rs 1 million to encourage consumers to collect invoices while purchasing goods and services, as part of efforts to improve tax compliance and promote transparent transactions. The Ministry of Finance has approved the Taxpayer […]<\/p>\n","protected":false},"author":2,"featured_media":29379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,5,7],"tags":[],"class_list":["post-29378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-nepal","category-politics"],"acf":[],"yoast_head":"\n