As we embark on the fiscal year 2081/82, it is imperative for all businesses and individuals to stay abreast of the latest regulatory requirements and compliance procedures. 

Adhering to these guidelines is not only a legal obligation but also a vital component of ensuring smooth and efficient business operations. 

Non-compliance can lead to significant penalties, disruptions, and potential setbacks. Therefore, we urge you to meticulously review and implement the following essential points. 

By doing so, you will safeguard your business interests and contribute to a more streamlined and compliant fiscal environment.

Here are the mandatory compliances that all businesses in Nepal are required to follow: 

1. A PAN number is mandatory for all wage and salary-earning employees.
2. The Vehicle and Consignment Tracking System (VCTS) is compulsory for all goods transactions.
3. VAT registers must be self-verified.
4. Taxpayers registered for excise duty must have their excise registers verified by the Inland Revenue Office.
5. Businesses registered under VAT must issue invoices with the HS Code when selling imported goods.
6. Remuneration exceeding Rs. 25,000 per month per individual must be paid through banks.
7. Cash, checks, QR codes, or other electronic payments for business transactions cannot be deposited into a personal bank account. Doing so will incur a penalty of Rs. 5,000 each time.
8. Pre-numbered invoice books must be used, avoiding issues such as overwriting or duplication.
9. Failure to submit the VAT return within four months after the due date may result in the taxpayer's import or export being halted.
10. The VAT registration threshold for businesses transacting in both goods and services has been increased from Rs. 20 lakhs to Rs. 30 lakhs.
11. Penalties for excise duty renewal delays are as follows:
    1. Within the first three months: 50% of the renewal fee.
    2. For the next three months: 100% of the renewal fee.
    3. For the following three months: 200% of the renewal fee for the remaining fiscal year.
12. From Shrawan 1, 2081, all taxpayers must update their KYT through their IRD taxpayer login.
13. Taxpayers with transactions exceeding Rs. 10 crores must issue electronic invoices, and those with transactions over Rs. 25 crores must be mandatorily affiliated with CBMS.
14. All taxpayers must start with a new invoice number, maintain, and use a new purchase account and sales account.
15. Taxpayers licensed to produce, sell, or distribute alcohol or tobacco products must renew their excise duty license by Shrawan 32, 2081. Penalties apply for renewals after Shrawan month-end.
16. Income details and tax for the fiscal year 2070/081 must be filed and settled by the end of Ashoj 2081. Delays beyond Ashoj month-end will incur interest, penalties, and late fees.
17. If you do not have a PAN, obtain one as soon as possible to conduct business.
18. Utilize the tax reliefs and facilities introduced by the Finance Act 2081 before the end of Falgun 2081.

Ensuring compliance with these essential points is crucial for the seamless operation of your business in the new fiscal year. We understand that navigating through these regulations can be challenging. Therefore, we are here to assist you every step of the way.

If you have any questions or need further guidance, please do not hesitate to reach out to us. Our team of experts is ready to provide the support you need. Additionally, for your convenience, you can download our app for quick access to resources, updates, and personalized assistance. Download our app and chat directly with our in-house experts if you have any questions. 

Stay compliant and thrive in FY 2081/82.