New Financial Year Begins with Revised Tax Policies and Monetary Measures
Summary
Nepal's new financial year 2083/84 begins with revised tax policies including personal income tax relief and new taxes on luxury items, alongside the monetary policy by Nepal Rastra Bank aiming at economic stability and growth.
Key Points
- The new financial year 2083/84 has started with implementation of the government's revised budget, policies, and Nepal Rastra Bank's monetary policy.
- Personal income tax slabs have been revised with relief for middle and high-income taxpayers and the salary of employees increased by 21 percent.
- Customs duty has been simplified from 11 to 7 tiers and reduced on many industrial raw materials to lower production costs.
- New fees and taxes have been introduced, including education and health equity fees, VAT on electricity, luxury fees on hotels and imported liquor, and service fees on ride-sharing, aiming to expand revenues and promote investment.
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