VATupdate

Twenty-five years of VAT

Nepal introduced value added tax (VAT) on November 16, 1997 to make the commodity tax system simpler and more transparent, and develop a sustainable source of domestic revenue. VAT was launched not as an additional tax but as a replacement for the then sales, hotel, contract and entertainment taxes. VAT became a major source of revenue right from its first year, generating Rs7.12 billion in fiscal 1997-98. The government expects to collect Rs400 billion in VAT in the current fiscal year 2022-23.

Source: kathmandupost.com

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