Electronic invoicing guide
Nepal
Digital reporting requirements
Real Time.
Obligatory
Mandatory for B2B, B2C and B2G.
The Inland Revenue Department (IRD) is now requiring businesses with an annual turnover exceeding Rs 250 million to enroll in the Central Billing Monitoring System (CBMS).
Authority
The Inland Revenue Department (IRD).
Platform
Central Billing Monitoring System (CBMS).
Format
JSON.
Storage time
5 years.
Reporting and processes
Processes
In compliance with the new mandate, businesses must install software connecting their billing systems to the IRD’s computers. Licensed software developers will install a device and integrate a specific field into the computer
system, recording sales in real-time, enabling the IRD to assess taxes accordingly.
1. Registration: Businesses must first register for the IRD Verified E-Billing System through the designated portal.
2. Invoice Generation: Once registered, businesses can generate electronic invoices using the prescribed template and include all required information.
3. IRD Verification: The generated invoices are submitted to the Inland Revenue Department for validation. The system cross-checks the details against the established regulations.
4. Real-time Approval: Upon successful validation, the invoice receives real-time approval from the IRD, signaling compliance with tax requirements.
5. Storage and Reporting: Approved invoices are stored electronically and can be accessed by both businesses and the IRD. Additionally, these records can be used for accurate financial reporting.
Upcoming legislative changes
For the time being, no legislative changes are foreseen.
Links of Interest and documents
Links of interest
https://ird.gov.np/public/pdf/976029276.pdf
Documents
Invoices
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