Many of us don’t know how to register for the PPAN(Personal Permanent Account Number) card, let alone about the PPAN card. The government has made the card mandatory for all people meaning more than Rs.1,000 from Shrawan 1, 2076.
PPAN is a unique and permanent numeric identifier for a taxpayer. The nine-digit number is necessary to record all the data of taxpayers. By making it mandatory, the government will track the action amount of tax paid and the tax payment details of all the taxpayers.
Registration Process of Personal PAN Number
PPAN card is for a lifetime the Inland Revenue Department (IRD) deals with the registration. The application process is now online too. To get the form online you can go to the website of the IRD and under the “Taxpayer Portal” tab you can find “Registration” there. You will do the registration in the following steps:
- Visit the website.
- Enter a username password and the following given details, then click OK.
- Then you will be given your Submission number.
- Note Down the submission number, username, and password and click Continue.
- Now enter your personal name.
- In documents upload your Citizenship or any document and then enter the citizenship details. (Citizenship No., Issue date, Place of issue)
- Now you need to enter details of your family members and address.
- You can either save data or submit the application by pressing the ‘Save’ button or the ‘Submit’ button.
- Click on the Print button to get a copy of the submitted application form
Time & Cost
Now, after printing the application, go to select the IRD office. Then the official at the IRD office will verify your details and provide you PPAN card. This process usually takes around one day or just hours/minutes, depending on the rush hour. You have to bear no cost throughout the process in the IRD office.
Documents required to register
- Copy of your Citizenship Certificate.
- Two identical passport size photos.
- Citizenship or any authentic identification document for foreigners
Nepal Rastra Bank (NRB), the central bank of Nepal, has made PPAN mandatory for those seeking loans above Rs 5 million. According to the monetary policy for the FY 2019/20, banks and financial institutions should ask for PPAN before issuing loans. Before the monetary policy 2019/20, you only needed it for seeking loans above Rs.10 million.
After getting PPAN card transactions through banks, payment of bills, or any other documentation, work for business or profession will be easier. The tax payment will be transparent.
PPAN will make financial transactions, taking loans, import/export, or any-tax related work easier. You can take loans above Rs.5 million with PPAN. After it is mandatory, the companies will now pay the taxes under the name of the employees.