Section 2: Definitions

Unless the definitions of the subject or the context otherwise require in this Act, –

a) “Tax” means the value added tax to be levied pursuant to this Act.

b) “Transaction” means the act of supplying any good or services.

c) “Taxable Transaction” means the Transactions as referred to in Sub-section (1) of Section 5.

d) “Taxable Value” means the value to be determined pursuant to Section 12 in relation to any good and service.

e) “Goods” means both movable and immovable property.

f) “Service” means anything other than goods.

g) “Supply” means the act of selling, exchanging transferring of any goods and services or the act of licensing or the act of contracting by taking consideration.

h) “Consideration” means anything to be obtained for cash, goods, service or value.

i) “Import” means the act of importing of any good or service into the Nepal in accordance with the prevailing laws.

j) “Export” means the act of exporting of any goods or services outside of Nepal pursuant to the prevailing law.

k) “Market Value” means the value determined pursuant to Section 13.

l) Person” means any person, firm, company, association institution, partnership institution, co-operative, joint venture, trust or fund and this term also includes the government body which are involved in the taxable transaction with or without the objective of profit making, religious organization, charity association or other similar association and their branch or sub-branch thereof.

m) “Registered Person” means the person registered pursuant to Section 10 to carry out the transaction.

n) “Registration Number” means the number provided to the registered person pursuant to Section 10.

o) “Supplier” means the person who supplies any goods and services.

p) “Recipient” means the person who receives any goods and services.

q) “Taxpayer” means the person involved in the taxable transaction.

q1) “Tax period” means the period in which the taxpayer has to submit tax return pursuant to Section 18.

r) “Department” means any Department under the Ministry of Finance designated by Government of Nepal as to be responsible for tax administration.

s) “Director General” means the Director General of the Department.

t) “Tax Officer” means the tax Officer, 4Chief Tax Officer, Chief Tax Administrator, Director General appointed by Government of Nepal for the purpose of this Act or any Officer designated by Government of Nepal authorizing to exercise the powers of Tax Officer under this Act.

u) “Prescribed” or “as prescribed” means prescribed or as prescribed in the Rules made under this Act.