Nepal Budget 2083/84: Personal Income Tax Threshold Raised to Rs 10 Lakh, Maximum Rate Cut to 29%
Summary
Nepal's government has raised the personal income tax exemption threshold to Rs 10 lakh and cut the maximum tax rate to 29% for fiscal year 2083/84 to provide relief to taxpayers.
Key Points
- The minimum personal income tax exemption limit has been increased to Rs 1 million (10 lakh) per annum.
- The maximum income tax rate has been reduced from 39% to 29%.
- The reforms are intended to benefit middle-income earners and boost disposable income.
- The tax changes aim to foster competitiveness and enhance tax compliance in Nepal.
