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General News
IRD to monitor liquor producers from Sunday
Thursday - 29th December, 2011 | www.thehimalayantimes.com |
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Inland Revenue Department (IRD) is monitoring domestic liquor manufacturers and importers from Sunday, according to director general Tanka Mani Sharma.
The move will control suspected revenue leakages by domestic liquor manufacturers and under-invoicing by the importers, he said, adding that the team led by deputy director general Madukumar Marasini will monitor liquor industries and other concerned parties– importers and wholesalers– throughout the country.
The department has completed the monitoring on whether selling-points are violating existing legal provisions or not,” he said, adding that it will start to scan importer and producers after completing the current monitoring.
The department has decided to tighten the liquor after receiving complaints of importing branded liquor with under-invoicing. “The government is loosing revenue due to under-invoicing,” he claimed.
“It is not justifiable that the most famous brand are imported with $2 and $3 customs valuation, which is surprising,” a source at the department said.
The team will also monitor alcohol producing industries and bring them into the tax net if found guilty, Sharma said.
Liquor business is the main source of excise in the country. “The government has projected Rs 6 billion excise from domestic liquor sector alone,” he informed, adding that the contribution of imported branded alcohol also cannot be ignored.
The government has the target of Rs 19.78 billion revenue from excise in the current fiscal year.
The government has set the target of Rs 19.78 billion revenue collection from excise in the current fiscal year. |
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