Nepal Tax Agency Issues Updated VAT Rules

The Nepali Inland Revenue Department Jan. 8 posted online updated VAT Rules. Topics covered include: 1) registration requirements; 2) calculation of VAT exemptions; 3) tax payment for the supply of goods and services under contracts; 4) temporary registration for taxpayers engaged in taxable transactions in an exhibition, fair, or similar other program; 5) the method of determining transaction amounts, for purposes of registration; 6) the process of cancellation of registration; 7) filing tax returns; 8) assessment and recovery of tax collected by an unregistered person; 9) calculation of tax deductions; and 10) various forms for use by taxpayers. [Nepal, Inland ...