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Kathmandu Sunday January 13, 2002 Paush 29, 2058.
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Revenue under VDIS crosses Rs 160 million
Post Report
KATHMANDU, Jan 12 : The revenue collection out of Voluntary Disclosure of
Income Scheme (VDIS) totalled over Rs 160 million with only one day now remaining for the
deadline to expire.
The scheme that expires on Sunday was announced by the Finance Minister Dr
Ram Sharan Mahat during his budget presentation for the current fiscal year with promises
that the sources of incomes voluntary disclosed would not be probed into.
The collection on Saturday despite being a holiday was greater than Friday,
informed officials at the Internal Revenue Department. The government kept its offices and
banks open on Saturday to accept the voluntarily disclosed taxes.
The government on Saturday alone collected over Rs 60 million. The collection
on Friday was Rs 40 million. According to the Inland Revenue Department, a total of 850
individuals have disclosed their property worth Rs 1.6 billion that did not fall under the
tax net earlier was disclosed since the announcement of the scheme.
Earlier, Inland Revenue Department had issued a notice to the individuals to
voluntarily disclose their income at the rate of 10 per cent by January 13 if they fall
under any one of the following four criteria – owning a house with more than 3,000 sq
ft area or has been rented monthly for more than Rs 10,000, owns a minimum 700 cc private
car, pays a minimum of Rs 24,000 as a telephone bill annually and is a member of a club
whose annual membership fee exceeds Rs 10,000.
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