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    Nepal Breaking NewsEconomy | FinanceIRD takes the initiative to provide a 10% VAT rebate on digital...

    IRD takes the initiative to provide a 10% VAT rebate on digital payments

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    The provision of a 10% VAT refund when purchasing goods and services through electronic means is slated take effect.

    The programme of VAT return on electronic purchases was introduced into the budget for fiscal year 2076-77 by then Finance Minister Yubaraj Khatiwada. With effect from Paush 25, 2076, the Inland Revenue Department (IRD) adopted a process refund VAT to consumers who make payments through electronic means.

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    IRD has moved forward with implementing the 10% VAT return provision on electronic payments after 19 of writing the procedure. IRD has issued a notice today urging businesspeople, consumers, and stakeholders execute it.

    Taxpayers can register for VAT and join the department’s approved system of generating electronic invoices. The has asked that vendors who accept payments using electronic payment methods such as debit/credit cards and QR codes restore 10% of VAT the customer’s bank account automatically.

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