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Tax Amendments: Clarifying Doubts & Realities in Nepal

Published 35 minutes ago

The Nepali government's budget for the fiscal year 2083/84 and the subsequent financial bill have caused confusion among taxpayers. The bill clarifies income tax, VAT, and other tax provisions, aiming to broaden the tax base while reducing rates. Relief is provided for employment income, while tax rates on real estate and share sales have increased slightly. The amendment clarifies that Section 57 of the Income Tax Act will not apply in specific cases, such as when new shareholders join startups or when ownership changes due to inheritance. These changes aim to reduce administrative complexity and address concerns regarding capital gains tax. The bill also finalizes taxes on income earned from abroad for individuals.

eKantipur
Tax Amendments: Clarifying Doubts & Realities in Nepal
Nepal Budget Misses Reform Opportunities

Nepal Budget Misses Reform Opportunities

eKantipur
Nepal Telecom to Offer Shares to Public: Gov't Stake Reduced

Nepal Telecom to Offer Shares to Public: Gov't Stake Reduced

eKantipur
Nepal VAT: Multi-Rate System Introduced

Nepal VAT: Multi-Rate System Introduced

eKantipur
Budget Aims for Investment, Production Boost: Will it Work?

Budget Aims for Investment, Production Boost: Will it Work?

Published about 2 hours ago

The recently unveiled budget for the upcoming fiscal year 2083/84 (Nepali calendar) includes policies aimed at boosting investment and attracting foreign capital. However, experts and the private sector express reservations about their implementation and effectiveness. Despite ample liquidity in the banking system and high foreign exchange reserves, the budget lacks sufficient programs to manage liquidity and expand investment, according to some analysts. Key concerns include the need for improved investment climate, increased credit flow, and boosting private sector confidence. While tax breaks and legal reforms for IT, agriculture, SMEs, and foreign investment are included, the ultimate success hinges on effective execution.

eKantipur
Real Estate Faces Crisis Due to Unclear Policies: Kunwar

Real Estate Faces Crisis Due to Unclear Policies: Kunwar

Published about 4 hours ago

Deepak Kunwar, President of the Nepal Land and Housing Development Association, has called for necessary facilitation to revitalize the real estate business. Speaking at the association's 19th annual general meeting on Saturday, he highlighted the challenges facing the real estate sector due to unclear government policies. Kunwar stated that these policies have put real estate businesses in crisis, making housing less accessible to the general public. He demanded that real estate companies be exempt from land ceiling regulations for organized settlement development and that legal obstacles to the sale of built houses and apartments be removed. He also emphasized the need for long-term solutions to land plotting issues, allowing companies with planning permits to conduct land and house pooling programs, and implementing electronic systems in land revenue and survey offices.

Nagarik News
Women Weaving Carpets: New Income in Tulsipur

Women Weaving Carpets: New Income in Tulsipur

Nagarik News
India Cuts Export Duty on Petroleum Products

India Cuts Export Duty on Petroleum Products

Nagarik News
Nepalgunj Factory Fire: Millions Lost

Nepalgunj Factory Fire: Millions Lost

Nagarik News
Fire Destroys Nepalgunj Ply Door Factory

Fire Destroys Nepalgunj Ply Door Factory

Published about 8 hours ago

A fire at the Everest Ply Door Industry in Nepalgunj, Banke district, has caused an estimated loss of 50 million Nepali Rupees. The fire, suspected to have been caused by an electrical short circuit, started on Friday afternoon and was brought under control on Saturday. The blaze destroyed all machinery, raw materials, and finished doors, according to the industry operator, Prakash Rana. Fire engines from Banke and Bardiya, along with the Nepali Army, Nepal Police, Armed Police Force, and local residents, worked to extinguish the fire. An investigation is underway to determine the exact cause and extent of the damage.

Rato Pati
Public Vehicle Tax Hikes in Nepal

Public Vehicle Tax Hikes in Nepal

Published about 8 hours ago

The Nepali government has significantly increased the annual income tax rates for various types of public vehicles used for commercial and rental purposes. This change, effective from Jestha 17, 2083 BS, impacts vehicle owners registering or renewing their vehicles through the Department of Transport Management. The annual tax rates have been revised, leading to increased operational costs for vehicles ranging from small to large, including electric vehicles. The increase ranges from NPR 1,000 to NPR 2,500 based on vehicle classification and capacity. This adjustment will affect the operating costs for transportation businesses and individual vehicle owners.

Annapurna Post
Women Weaving Carpets in Dang, Nepal

Women Weaving Carpets in Dang, Nepal

Rato Pati
Nepal Gold Price Jumps After Duty Hike

Nepal Gold Price Jumps After Duty Hike

Annapurna Post
Nepal's Construction Sector Faces Crisis Amid Iran Conflict

Nepal's Construction Sector Faces Crisis Amid Iran Conflict

BBC Nepali
Land Ceiling Blocks NPR 200 Billion Property

Land Ceiling Blocks NPR 200 Billion Property

Published about 22 hours ago

Vishnu Prasad Ghimire, president of the Nepal Land and Housing Development Federation, stated that approximately NPR 200 billion worth of property is blocked in the housing sector due to legal complexities related to land ceiling regulations. Speaking at the 19th annual general meeting of the Nepal Land and Housing Development Association on Saturday, he urged the government to implement land ceiling-related land plotting provisions immediately through an ordinance, rather than waiting for the regulations to be implemented from mid-July. Ghimire also demanded that community spaces in joint housing and apartments be transferred to the government without any fees. He highlighted the need to unlock land development projects, residential projects, and apartment transactions stalled due to land ceiling issues and advocated for equal tax treatment compared to other businesses.

Nagarik News
Land Ceiling Laws Freeze 2 Trillion NPR Property: Report

Land Ceiling Laws Freeze 2 Trillion NPR Property: Report

Published about 22 hours ago

Vishnu Prasad Ghimire, President of the Nepal Land and Housing Development Federation, stated that approximately two trillion Nepali Rupees worth of property in the housing sector is currently frozen due to legal complexities related to land ceiling regulations. Speaking at the 19th annual general meeting of the Nepal Land and Housing Development Association on Saturday, he urged the government to immediately implement land fragmentation provisions through an ordinance, rather than waiting for the regulations expected in Shrawan. Ghimire also demanded that community spaces in joint housing and apartments be transferred to the government without any fees. He emphasized the need to unlock stalled land development projects, residential projects, and apartment transactions due to these land ceiling issues, and advocated for equal tax treatment compared to other businesses.

Nagarik News
Broom Grass Farming Boosts Income in Nepal's Nawalparasi

Broom Grass Farming Boosts Income in Nepal's Nawalparasi

Rato Pati
Nepal to Sign 2nd Petroleum Deal with China for Dailekh

Nepal to Sign 2nd Petroleum Deal with China for Dailekh

Nagarik News
Budget Aims to Boost Private Sector Confidence

Budget Aims to Boost Private Sector Confidence

eKantipur
PM Wears Goldstar Shoes, Owner Reacts

PM Wears Goldstar Shoes, Owner Reacts

Published 1 day ago

Following Prime Minister Balen Shah's public appearance wearing 'Goldstar' shoes, a domestic brand, lawmaker Bidushi Rana, also an industrialist and owner of the shoe company, expressed an emotional reaction. Rana stated that the Prime Minister's act was not just about wearing a shoe but a gesture of respect towards all Nepali industries investing in the country. She recalled Goldstar's 55-year journey of production in Nepal, navigating challenges like Maoist conflict, Indian blockade, earthquakes, and the COVID crisis. Rana highlighted the company's commitment to providing employment and contributing to the Nepali economy, despite facing unfair competition.

Nagarik News
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