Tax and Regulatory Services
Stay on top of tax changes.
“If you’re a global business juggling the complex and diverse tax rules of multiple markets, it can be hard to stay on top. We offer in-depth, up-to date knowledge of the relevant local rules and regulations. Through our most experienced tax experts, we are able to provide you with seamless solutions.”
GSN provides comprehensive and sophisticated tax assistance in effectively managing the impact of taxation. We help address, domestic and international tax issues.
Nepal has adopted self- assessment system of tax administration. The significance of tax auditor under self -assessment tax system has increased due to reasons that include rapid expansion of the scope and complexity of tax law, growth in complexity of business operations of economy, increased investment activities of individual taxpayers etc. Therefore, the tax auditors have become an integral part of the tax system working as intermediaries assisting taxpayers to deal with their tax matters.
Our tax audit service includes:
- Ensures compliance with statutory provisions regarding computation, calculation, application of correct tax rates, assessment procedure etc. by the taxpayers while determining the tax liability. As an advisor of the tax payer, we certify and submit the prescribed documents with tax return.
- It is worth to note that in course of detail audit of tax returns by Internal Revenue Offices, if the Tax Officers is not satisfied that the returns filed by taxpayers are incomplete, incorrect, etc. then the officer may raise questions and assess additional tax. Our endeavor is to help our clients undertake a correct assessment of their tax by reviewing the incomes chargeable to tax, dis allowances and deductions there from, under the various provisions of Income Tax Act, 2058.
Domestic TAX compliance and planning
Whilst tax is an inevitable part of running your business, using a qualified tax adviser to help with your corporate tax planning has many benefits. Inadequate or improper handling of tax issues can result in major financial consequences and restrict your company’s ability to invest and grow.
That is why we take a balanced and integrated approach focusing on the total business picture, not just your next return. GSN will help you define the right overall tax position, designed to save you money in complex tax environments, whilst at the same time meeting your larger business goals.
In order to help our clients, keep themselves in tune with the frequently changing compliance our team offers solutions in an efficient use of technology in a timely and effective manner.Our domestic tax compliance and planning services include:
- Tax planning (corporate, SME) advisory.
- Registration and Filing of Return – Income Tax/VAT/TDS etc.
- Income tax compliance.
- Indirect tax – VAT, Excise and Customs compliance.
- Employment tax services
- Not for profit/tax exempt organizations.
- Licenses and Incentives advisory.
- Personal Tax consulting and compliance.
International TAX Planning
Cross-border transactions present unique challenges from a tax point of view. Internationally active businesses find that compliance with the ever-increasing complexity of tax rules around the world requires not only in -depth and up-to-date knowledge of local rules but also seamless co-operation between tax professionals in different jurisdictions. Services include:
- FDI investment structuring
- Transfer pricing
- Cross-border cash planning: Dividend repatriation
- Indirect tax
- Customs and trade
- Workforce solutions – expatriate advice
- Non- resident taxation
- With the encouragement of foreign direct investment inflows into Nepal, the Government of Nepal has come forward with ways to ensure that non-residents abroad make investments in Nepal which is imperative for the long term growth of the economy. Special tax provisions are enacted in the statue to encourage the foreign investment through special tax concession and incentives.
Double TAX avoidance treaty
Nepal has entered into avoidance of double taxation agreements with 10 countries including India in order to provide relief from the double taxation of income of foreign investors. Our endeavor is to advise our clients through all the stages of the cross border transactions to mitigate the hardship of double taxation by advising on the incidence of tax based on the nature of the income and expenditure incurred keeping as per the provisions of the Nepalese Tax laws and the provisions of the double tax avoidance agreements, withholding tax issues and the related compliance.
Transfer pricing refers to the pricing arrangements set by international related entities in respect of transactions between them such as the sale of goods, provision of services or the transfer of intellectual property. In the wake of globalization, most MNC ‘s (Multi-National Companies) today generate large portions of their taxable income, from other than their home jurisdictions. Thus, making transfer pricing an increasingly important issue among tax directors, boards of directors and fiscal authorities worldwide.
There are extensive Transfer pricing regulations in place in Nepal according to which an arm ‘s length standard is the frame of reference. Fiscal authorities are policing multinational ‘s transfer pricing policies aggressively in an attempt to protect their tax base from erosion. We at GSN help the clients develop the appropriate transfer pricing strategy, balances opportunity and risk management, weighing effective tax – rate optimizations against fiscal-authority challenges, judicial precedents and the costs of compliance. We help clients ensure that all compliances in Nepal are met and issues under litigation handled effectively.
Taxation Litigation Services
he focus of tax assessments (audits) is gradually shifting from micro issues (such as, procedural dis-allowances) to issue based and concept based reviews. Given the legal labyrinth that taxpayers often face, a judicious cost-benefit analysis is imperative in deciding which issues are worthwhile to litigate and on which issues it is more viable to concede.
We, with our experience and in depth knowledge help in making this decision. Complicated tax litigation at the Income Tax Authorities is our forte. In the arena of Cross Border Taxation, the Nepalese authorities have been late entrant. The last few years have seen an approach focusing on issues related to permanent establishments, transfer pricing, etc. We have both the experience and the acumen to represent clients through tax assessments before the tax department in Nepal. We help in mitigating hardship and offer intelligent tax advice in a result oriented manner.