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Tourists to get VAT refundedSaturday - 23rd April 2005 |
| According to a Financial Ordinance-2061 provision, which the government has recently decided to implement, Value Added Tax (VAT) paid by tourists on goods worth more than Rs 15,000 would be refunded at the time of their departure. The decision will come into effect from May 1. Any international tourist, who has not been employed in Nepal for the past six months and has not stayed for more than 183 days in Nepal, can claim VAT refund on his purchases. The VAT refund applies only to goods being taken out of Nepal within 60 days of the date of purchase. For the time being the provision will benefit tourists leaving through the Tribhuvan International Airport (TIA). The Ministry of Finance (MoF) has directed the Rastriya Banijya Bank (RBB) to open a branch at the TIA lounge to provide refund services to tourists, according to a bank source. The RBB unit will refund the amount in foreign currency to the tourists. The Ministry of Finanace has directed the Inland Revenue Department (IRD) to provide application forms VAT Refund for Tourists at department stores with immediate effect. |
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