Govt raises personal income tax exemption threshold
Summary
Finance Minister Dr Swarnim Wagle announced an increase in the personal income tax exemption threshold to Rs 1 million and a reduction in the tax rate to 29 percent in the new budget.
Key Points
- The personal income tax exemption threshold has been raised to Rs 1 million from Rs 500,000.
- Individuals earning up to Rs 1 million will pay only one percent tax.
- The personal income tax rate has been reduced to 29 percent from 39 percent.
- Changes were announced by Finance Minister Dr Swarnim Wagle in the new budget for the upcoming fiscal year.
