Nepal's Experience with VAT
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Nepal, Nov. 23 -- Despite poor performance of VAT in some functional areas such as filing and refund, VAT has been performing very well in Nepal in terms of revenue collection.
Value-added tax (VAT) is perhaps the biggest innovation in the field of public finance in the last century. Although the concept of VAT was first introduced in Germany in 1918, France became the first country to adopt the system in 1954. Since then, around 180 countries, regardless of their size, level of development, income status and geographic conditions, have introduced VAT. All members of the South Asian Association for Regional Cooperation (SAARC) have introduced VAT except for Bhutan, which has made preparations to introduce VAT by the name of g...
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