Tax evasion by Suryajyoti Life by submitting false information,total income

Kathmandu : Beemapost found the fact that after the integrated business as Suryajyoti Life, the former Surya Life and Jyoti Life had submitted false statements to the tax office while submitting the financial statement of the previous fiscal year i.e. year 2021 A.D.

The regulatory Nepal Insurance Authority has not shown any interest in taking action against the chief accountant and CEO of the company who cheated the tax that should be paid to the Nepal government.

What is interesting is that the fact has come to light that the Constitutional Authority for Prevention of Corruption was given fake and false answers by the regulator Nepal Insurance Authority even when it was questioned about taxes payment.

In the financial statement entered by former Jyoti Life in the Internal Revenue Office, Pokhara for the fiscal year 2021/022 A.D. the tax payable by the company is shown as zero. Similarly, it has been found that the company evaded the tax due to be paid to the government by showing the company’s taxable income as negative.

In the tax payment certificate no. 8367 taken from the tax office in Pokhara dated 2nd of March, 2023 A.D on behalf of former Jyoti Life, it is clear that the company has evaded tax. In the tax payment certificate, the total turnover of the company is 497 million 960 thousand 585 Rupees.

Likewise, the company’s total taxable income was mentioned in negative 1 billion 487 million 466 thousand 701 Rupees. This means that the company is confirmed to be in loss. Therefore, the amount of tax filed by the company is zero. Which is false according to the audit report submitted in the annual general meeting.

The 15th Annual General Meeting of Suryajyoti Life Insurance Company formed after the merger was held in Biratnagar on 18th of May, 2023 A.D. In that meeting it seems that the financial statements of former Jyoti Life Insurance Company for the fiscal year 2021 A.D. have been passed. According to the financial statements passed by the general meeting, the company made a profit of 268 million 45 thousand 905 Rupees according to the speech of the chairman Keshav Prasad Bhattarai.

It seems that the profit mentioned in the audit report of the company is also 393 million 62 thousand 363 Rupees. Even the consolidated income of Jyoti Life, which has deceived the tax office, does not match the details entered in the tax office.

From the Annual Financial Statement of Jyoti Life passed by the 15th Annual General Meeting is as below:

 The total income of Jyoti Life in the tax office is worth 497 million 960 thousand 585 rupees. However, in the audit report, it appears that the total income of the company is worth 1 billion 463 million 836 thousand 648 Rupees.

In this way, it is seen that the current CEO, Chairman and Chief Accountant of Suryajyoti Life Insurance Company are actively engaged in the business of evading the tax amount that should be paid to the government by submitting different details to the tax office.

The regulatory body Insurance Authority is not even keeping silent when millions of rupees were defrauded in the state fund but it has also been encouraging such companies. Earlier, a complaint was filed with the Abuse of Authority Investigation Commission regarding tax evasion in that company. Based on that complaint, the regulator wrote a letter to the Nepal Insurance Authority and asked for an explanation. But, the obtained facts show that the authorities have protected without taking any action. The authority pretended to cut a letter and did not even take action in that case.

While trying to keep curiosity about tax evasion, the information officer of the company, Umesh Mainali, suggested writing news based on facts. Which is why Beemapost has tried this news.