9th August 2020, Kathmandu
The coronavirus impact in the Nepal economy remains unchanged. Easing the lockdown to re-run the economy is still failing as no proper system seems to be in place. As of now, the government is deciding to extend the Purchase and Sales Account verification up to Poush End for businesses.
Purchase and Sales Account Verification is a process that normally needs to be verified by the end of Shrawan every year. This rule implies to businesses registered under VAT.
However, due to coronavirus and its growing impact, the need for social distancing is even higher. In recent times, the crowd of Taxpayers in IRD (Inland Revenue Department) has been growing and this can be a serious issue for the general public.
To keep things under control, the government is extending the period up to Poush end!
This is a necessary step that can take off the pressure from general taxpayers and reduce the chances of COVID-19.
Below is the notice published by the Finance Ministry of the country regarding the same.
