Govt announces recovery package for flood-hit businesses
Summary
The government has announced a recovery package for businesses and industries hit by the Bhotekoshi flood, including customs duty waivers, loan restructuring, and faster insurance claim settlements. Flood-affected taxpayers will also get deadline extensions and other tax relief measures.
Key Points
- The Cabinet-endorsed package gives full customs duty waivers for replacement imports of destroyed plants, equipment and commercial vehicles.
- Insurance claims for flood-hit businesses and individuals will be fast-tracked, with advance payments of up to 50 per cent allowed after preliminary assessment.
- Nepal Rastra Bank has been tasked with loan restructuring, rescheduling and new lending support for affected borrowers and businesses.
- The Inland Revenue Department will extend tax deadlines and provide several tax relief measures, including income tax exemptions for directly affected individuals.
