Krishna P Bhusal

                 Let me share with you a short story about a young boy named “Kumar Dangi”. It was the year 2021 and Kumar was just facing the real world outside the college. The young boy was energetic and determined to do something with his life in Nepal. The young boy has a mantra “if we are determined we can establish an empire in our county then why should we go to foreign countries for employment” though his parents want him to go to Australia on a study visa and settle there. But Kumar was determined and wanted to do something in Nepal. With determination, he started a business. Business of furniture in Pokhara. At the start, he faced some kind of difficulties to arrange the fund as he was not born with a silver spoon in his mouth. As his parent does not want him to start the business so it was very hard for Kumar to convince his parent. But he could manage to convince them with the help of the emotional dialogue of “3 idiots” w...

                 We are human beings and need freshness and enjoyment. Sometimes we need freshness after a long period of mind-blocking and body-jamming hard work; sometimes we want freshness by spending quality time with someone close to us. That person may be your friend, spouse, brother, etc. Let me tell you an interesting or I should say knowledge-sharing story shared by one of my friends Amitabh Adhikari. It was 2020 and Amitabh was living in Chitwan with his wife and two-year-old son. He was just in Nepal after spending almost 22 years of his life in India. As I said he was new in Nepal and desperately searching job. Those days were really painful for him. He didn’t know anything about laws and regulations and culture etc. of here as the almost entire first part of his life was in India. wherever he was facing an interview he was getting a rejection. He was really in pain with the responsibility of his family. After spending almost...

We especially the people involved in auditing work travel a lot.  And yes, I too am involved in the auditing work of different organizations and travel to almost every corner of the country. We live in hotels and eat in restaurants during our travel. Once by the grace of god, I got an opportunity to visit Itahari, Province 1. My team and I were living in a hotel named "Hotel Verandah". It was a stay of around 7-8 days. After completion of the auditing work, it was time to check out. We ask for the final bill. The person at the counter printed the invoice and handed it over to us. Yes, it was a tax invoice.          My first question to the person was "is the hotel registered in VAT?". Obviously, his answer was yes otherwise the hotel would not have a right to issue tax invoices and collect VAT. You must be thinking about the turnover of the hotel must have exceeded the threshold limit of 2 million. Yes, I do agree that the turnover must hav...

                 We tax professionals and students most of the time hear the word "Tax evasion" but do we actually know the exact meaning of "Tax Evasion" and the consequences if we involve in tax evading activities? Today we are going to see the meaning and the consequences. We do know the meaning and the punishment we have to face if we involve in such activities but most of the time we are confused with some other similar words "Tax mitigation" and "Tax Avoidance". "Tax mitigation" and "Tax avoidance" are part of "Tax planning". Let's go through the meaning of each word and the possible consequences if we involve in tax mitigation, tax avoidance, and tax evasion. For that first, we need to understand the meaning of each word.                 Let's start with the word "Tax mitigation". "Tax mitigation" is a part of tax planning. Which involves the reduction of tax liability by availing ...

                We in Nepal import goods or services from different parts of the world.  Import can be goods or services. Import or export of goods is taken care of by the department of Customs, but the import of services that are not declared in the customs office is out of the preview of the department of customs.            Services can be of two types one is the service that can be declared in the customs office and the other is not declared in the customs office. On services declared in the customs office, the customs officer collects the tax. On the other hand, services not declared in the customs office come under the preview of the reverse charge mechanism.               In VAT, the duty of assessing and collecting tax is normally on the supplier of goods or services.  Opposite of that reverse charge mechanism is a system of co...