Banking News – Lawmakers have registered 15 amendment proposals to the Bill to Amend and Repeal Certain Nepal Acts Related to Finance, 2083, currently under consideration in Nepal’s House of Representatives.

The amendment proposals, submitted under Rule 114 of the House of Representatives Regulations, 2083, have been approved by Speaker Dol Prasad Aryal for parliamentary discussion.

The proposals were filed by lawmakers including Buddhi Prasad Pant, Sandeep Rana, Pavitra Bik, Renuka Kauncha, Basana Thapa, Santosh Subba, Man Maya Bishwakarma, Sushil Khadka, and Nitima Bhandari (Karki). The House had referred the bill to the concerned parliamentary committee for clause-by-clause deliberation on Shrawan 14, 2083.

Among the proposed amendments, Sushil Khadka has called for the establishment of an independent Internal Integrity Unit under the Office of the Prime Minister and Council of Ministers to investigate activities related to customs and inland revenue administration.

Similarly, lawmakers Sandeep Rana and Pavitra Bik have proposed that the government be required to publish detailed implementation procedures within 90 days of the law’s enactment.

Lawmakers Santosh Subba and Man Maya Bishwakarma have proposed amendments to the Value Added Tax (VAT) Act, 2052, seeking stronger protection of taxpayers’ personal information collected by tax authorities. Their proposal would prohibit the use or disclosure of such information for purposes other than official investigations and allow affected individuals to seek compensation if confidentiality is breached.

Another amendment proposed by Renuka Kauncha and Basana Thapa would require the government to publish draft transportation monitoring standards for at least 30 days of public consultation before implementation and to present them to the relevant parliamentary committee for review.

Meanwhile, Buddhi Prasad Pant has proposed that transport vehicles that have completed all legal customs and documentation procedures should not be obstructed while transporting goods to their destinations. He has also called for investigations into officials involved in customs clearance if revenue leakage or tax evasion is detected.

The bill also proposes a 50% penalty on sellers if goods are transported without being entered into the online transportation system or with false information. It further seeks to allow buyers to receive such goods after recording the income in accordance with tax procedures.

Lawmakers have also proposed amendments to Section 72A of the Income Tax Act, 2058, to ensure taxpayers have the right to appeal 100% penalties imposed on non-tax assessments before the Revenue Tribunal.

The proposed legislation would repeal several existing laws, including the Provincial Development Plans (Implementation) Act, 2013, the Promotion of Circulation of Nepali Currency Act, 2014, the Revenue Stamp Duty Act, 2019, the Revenue Leakage (Investigation and Control) Act, 2052, the Financial Intermediary Institutions Act, 2055, and the Revenue Leakage (Investigation and Control) Regulations, 2079.

Once enacted, all ongoing complaints and investigations currently handled by the Department of Revenue Investigation would be transferred to the respective authorities. Cases related to income tax, VAT, excise duty, and non-tax revenue would be handled by the Inland Revenue Department, customs-related cases by the Department of Customs, and foreign exchange violations by the designated investigating authority.