Section 4
Duty To Furnish Statement
4. Duty to Furnish Statement :
(1) A person who is liable to pay the foreign investment tax under this Act or prevailing Nepal law has to furnish, or cause to be furnished the statement of his/her foreign investment within the last day of the month of Ashwin of each year with the Tax Officer of the area where he/she ordinarily resides in such
format as prescribed.
(a) A person who ordinarily resides outside Nepal has to furnish such statement with the Tax Officer of Kathmandu. If a taxpayer desires to get evaluated
his/her foreign investment and assessment of tax by the Tax Officer of the area where he/she resides the assessment of tax may be made by submitting the
investment of foreign investment to such Tax Officer.
(b) If a person liable to pay the foreign investment tax under this Act is a minor or insane or dumb, it shall be the duty of his/her guardian to furnish statement
of the foreign investment of such person.
(2) A person, who does not furnish or does not cause to be furnished the statement required to be submitted under sub-section (1) or who submits a false statement, may be punished with a fine of upto Five Thousand Rupees, by order of the Tax Officer.
(3) If the Tax Officer suspects any person of holding such foreign investment as may be subject to the tax under this Act or the prevailing Act, he/she may issue a written order requiring such a person to furnish a statement of his/her foreign investment. Such a person has to furnish, or cause to be furnished, a statement of his/her foreign investment with the Tax Officer within Fifteen days after the date of receipt of such order, in such format as prescribed.
Provided that, a person who fails to furnish or cause to be furnished a statement even within the time-limit mentioned above has to give a written notice thereof, accompanied by the reason therefor, to the Tax Officer within the time-limit specified by that order and the Tax Officer may, if thinks the reason to be believable, give time extension for a period not exceeding of One month.
(4) The Tax Officer may impose a fine of upto Five Hundred rupees to a person who does not abide by the order issued under Sub- section (3).
(1) A person who is liable to pay the foreign investment tax under this Act or prevailing Nepal law has to furnish, or cause to be furnished the statement of his/her foreign investment within the last day of the month of Ashwin of each year with the Tax Officer of the area where he/she ordinarily resides in such
format as prescribed.
(a) A person who ordinarily resides outside Nepal has to furnish such statement with the Tax Officer of Kathmandu. If a taxpayer desires to get evaluated
his/her foreign investment and assessment of tax by the Tax Officer of the area where he/she resides the assessment of tax may be made by submitting the
investment of foreign investment to such Tax Officer.
(b) If a person liable to pay the foreign investment tax under this Act is a minor or insane or dumb, it shall be the duty of his/her guardian to furnish statement
of the foreign investment of such person.
(2) A person, who does not furnish or does not cause to be furnished the statement required to be submitted under sub-section (1) or who submits a false statement, may be punished with a fine of upto Five Thousand Rupees, by order of the Tax Officer.
(3) If the Tax Officer suspects any person of holding such foreign investment as may be subject to the tax under this Act or the prevailing Act, he/she may issue a written order requiring such a person to furnish a statement of his/her foreign investment. Such a person has to furnish, or cause to be furnished, a statement of his/her foreign investment with the Tax Officer within Fifteen days after the date of receipt of such order, in such format as prescribed.
Provided that, a person who fails to furnish or cause to be furnished a statement even within the time-limit mentioned above has to give a written notice thereof, accompanied by the reason therefor, to the Tax Officer within the time-limit specified by that order and the Tax Officer may, if thinks the reason to be believable, give time extension for a period not exceeding of One month.
(4) The Tax Officer may impose a fine of upto Five Hundred rupees to a person who does not abide by the order issued under Sub- section (3).