|
|
Inspired by India’s enforcing on the usage of permanent account number, Nepal’s government has initiated a campaign which will enforce the individual earners as well as institutions to own a PAN. This step has been taken by the Nepal government so that the tax collections can be increased.
The first PAN of the state was adopted by Nepal’s first President, Ram Baran Yadav, following which Vice President Paramananda Jha and Prime Minister, Madhav Kumar Nepal also embraced PAN.
Yadav has been allocated the PAN of 100000001 whereas for Jha it is 100000002 and 100000003 for the prime minister.
The new regulation that has been put forward by the Finance Minister Surendra Pandey enforces all the individual citizens who have a yearly income of NRS 160,000 or above and couples with an annual income of NRS 200,000 or more have to adopt PAN.
House owners letting out to government agencies and other organisations as well as car owners renting out their vehicles should also own a PAN.
The PAN has been made mandatory for all the professionals as there is a trend of buying shares which are worth more than NRS 1 million. Currently 350,000 institutions and people hold PAN. The campaign is aimed at adding 250,000 more this year.
