Extensive changes in the tax system by the government through the budget: Abolition of some taxes and fees

Kathmandu. With the aim of providing relief to citizens and businessmen through the budget of the next financial year, the Government of Nepal has canceled some of the taxes and fees imposed in the past and has significantly reduced some of them. These new arrangements have been introduced in the tax system to make the tax scope practical and encourage domestic production and digital economy.

Petroleum tax adjusted to green tax, gold luxury duty removed

According to the new system, infrastructure development tax of Rs 10 per liter and road maintenance and improvement tax of Rs 4 per liter have been completely abolished. However, the tax levied under both these headings in the past has now been adjusted to 'Green Tax' and the rate has been slightly increased.

Similarly, the government has completely removed the 2% luxury tax imposed on the sale of gold and gold jewelery to provide relief to consumers. Now, instead of that, only 0.5 percent will be charged as 'Skill Promotion Fee'.

Express

Related News

The government's decision to give tax exemptions to China

Kathmandu. The government has decided to provide tax exemptions for the purchase and export of necessary materials for the expansion of the second section of the ring road. With this decision, the way has been opened to proceed with the process of...

Concrete steps have been taken to control wasteful expenditure and financial governance: Prime Minister

Kathmandu. Prime Minister Sushila Karki has said that during the 100-day period of the government, concrete steps have been taken to control wasteful expenditure and financial governance. The Prime Minister said this while addressing on the occasi...

Question to the Minister of Finance: What source of income did you see and are you going to increase the salary of the employees?

Rusha Thapa

Kathmandu. More than five years have passed since cooperatives, microfinance, and finance collapsed. Now the crisis has started to appear in the bank as well. It has been the same time that the country has been in economic recess...