Revenue taskforce urges to review tax exemption on mobile, edible oil

Revenue taskforce urges to review tax exemption on mobile, edible oil

Revenue Exemption Impact Evaluation Task force submitting its report to finance minister Dr Ram Sharan Mahat today asked to review the tax exemption on mobile phones and edible oils. The task force, led by the former secretary Bal Govinda Bista, has also recommended the government to end tax exemption system using personal discretion of tax officers. The report revealed that the government exempted taxes worth Rs 30 billion in fiscal year 2012-13 alone but the exemption has not borne any productive results as envisaged by the policy. The Office of the Auditor General has also – in its 50th report – asked the asked the government to revise the tax exemption as the importers have been pocketing large chunk of profit but consumers have not been benefitted. "The consumers have been paying and the government is losing huge revenue only the importers have been benefitting from the tax exemption on mobile phones and oils," the Auditor General's report said, adding that the tax exemption has ben misused by the importers hurting the government coffer.
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