New Financial Year Begins, New Taxes and Duties Take Effect
Summary
The new financial year 2083/84 has started with the implementation of new taxes and budget provisions including revised income tax slabs, luxury tax, and service fees impacting various sectors such as education, health, and ride-sharing.
Key Points
- The new financial year 2083/84 began with implementation of the government’s budget and related tax changes.
- Income tax rates have been revised with a new slab system starting at 1 percent for income up to 1 million rupees.
- New taxes include a 2 percent luxury tax on five-star hotels and imported liquor and a 0.5 percent skill promotion fee on gold and silver sales.
- Additional fees such as education equalization (3 percent), health equalization (3 percent), higher casino royalty, and a 5 percent ride-sharing service fee have come into effect.
