Kathmandu, September 17
The government has set up a medium level taxpayers’ office (MLTO) today to facilitate the medium level taxpayers in tax submission and ease the pressure on large taxpayers’ office (LTO).
Taxpayers, whose annual transaction ranges between Rs 400 million and Rs 800 million, must submit their taxes at MLTO. LTO will handle taxes of taxpayers whose annual transaction amounts to above the aforementioned threshold of Rs 800 million.
Reportedly, 833 taxpayers have been identified and are in the process of being registered at the MLTO based on the threshold of annual transaction.
MLTO will provide online service so that medium level taxpayers across the country can submit their tax details.
Inaugurating the MLTO, Finance Minister Yubaraj Khatiwada said that the government has set up the separate tax office for medium level taxpayers to facilitate them in tax submission and for effective collection of taxes. He urged the newly established tax office to ensure accurate tax calculation. “The tax administration should neither collect even an additional rupee nor pardon the liability of a single rupee,” said the finance minister.
The finance minister rooted for expanding tax bracket and effective execution of tax policies. The head office of the MLTO has been set up at Babarmahal of Kathmandu.
Joint Secretary at the Ministry of Finance Jhakka Prasad Acharya will lead the MLTO, where the MoF has posted eight undersecretaries and 20 section officers.
According to MLTO Chief Acharya, though the threshold of annual transaction for medium level taxpayers has been determined in between Rs 400 million and Rs 800 million, the office will also look into the annual transactions of above Rs 250 million in the case of banks and financial institutions, insurance companies, hotels, medical colleges, construction contractors and travel agencies.
With the set up of MLTO, the number of taxpayers under the jurisdiction of LTO will come down — from around 1,300 to 690. Earlier, the LTO used to look into the taxpayers with annual transactions of above Rs 400 million and also those whose transaction amounted to over Rs 250 million in certain aforementioned sectors.
In fact, MLTO has been formed by splitting LTO, according to Dhani Ram Sharma, chief of LTO.
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Written by Sandeep
This news first appeared on https://thehimalayantimes.com/business/medium-level-taxpayers-office-established/ under the title “Medium level taxpayers’ office established”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
