18 Big Businesses Appeal Against IRD

Eighteen business houses accused of fake VAT bills have appealed at revenue tribunal against the Value Added Tax (VAT) assessment imposed on them by Inland Revenue Department (IRD). Such businesses include Jagadamba Steel, CGGC Chamelia (a contractor of Chamelia project), Arun Intercontinental, The Explore Nepal and Shakti Commercial Enterprises.

Well over Rs 630 million in state revenue is said to be evaded by these 18 business houses according to IRD which also claims that more than Rs 3 billion in taxes is evaded by 437 business houses. According to the law, a party not satisfied with the decision of the IRD can appeal at the revenue tribunal within 35 days by depositing 50 per cent of the penalty amount imposed by IRD.