Provisions on VAT payment revised
KATHMANDU, AUGUST 20 The government has made changes to the existing provisions on the Value Added Tax (VAT) payment. As per this, companies engaged in transactions exceeding Rs 10 million are required to pay VAT on a monthly basis. Conversely, businesses with transactions below Rs 10 million should pay VAT on a quarterly basis, according to the Inland Revenue Department.
These changes have been introduced to Rule 26 of the VAT Regulations, 2053 BS. Notably, brick factories, hotels, the tourism sector, and the film industry are now obligated to submit VAT on a monthly basis starting from the beginning of this fiscal year, as per the Department's announcement. Similarly, companies with annual business turnover less than Rs 10 million need to pay their VAT on a quarterly basis.
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