New Fiscal Year: New policy - rules - Trending Net Nepal
fiscal year

New Fiscal Year: New policy – rules

The new financial year 2076/77 has begun today. New policies and announcements have taken by the Nepali government will go through implementation from 1st of Shrawan. The government had made a new budget with the launch of 8.5 percent economic growth in the last 15 days. The budget has taken a target of spending Rs. 15.39 billion.

Nepal

According to the sources of budget, the budget is estimated to be Rs 9.88 billion from the revenue, 57 billion 99 million from foreign grants, foreign debt amounting to Rs. 9 8 billion 83 billion and internal income will be Rs. 1 billion.

With the start of the new financial year, the main topics of the budget coming from Shrawan are as follows:

Salary / social security allowance increase

Employees, security personnel, teachers and teachers, have been increased in the fiscal year due to the deployment of the Nepal government since the current fiscal year. The employees of the Nepali government category has increased in salary by the percentage of 20% and the military ranked employes salary has increased salary by the percentage of 18%. In addition to the increase in allowance of social security and elderly and disabled, disabled, single women, poverty oriented, the tribal / tribe also has increased by Rs 1000.

Startup business tax range

From this fiscal year, the government has been put all the start-up companies into the list of the taxpayer. If they hadn’t registered the companies in VAT there has been a provision that the person or organization does not have to pay any details, tax, penalty, additional money, fees and interest before the financial year, 2075/76.

Business to register on VAT

Regarding registration of liquor business shop, healthcare, disco, massage therapy, motor parts, electrical software, customs agent, a business of toys, kawadi and Pet business, are must registred in VAT. Educational and legal counseling, accounting and auditing services have been provided from this year to VAT.

Tax back to the consumer

From this financial year, if a customer purchases goods and services, he will pay 10 percent of the money paid by the electronic medium and return to his/her account.

Income Tax Facility

1) Income Tax Rates of Nepal For Resident Persons

Particulars New Tax Rate Taxable Amount (NPR)
First Tax Slab (3,50,000) 1% 3,500
Next (Yearly income up to 4,50,000) 10% 3,500 + 10,000 = 13,500
Next (Yearly income up to 6,50,000) 20% 13,500 + 40,000 = 53,500
Next (Yearly income up to 20,00,000) 30% 53,500 + 405,000 = 458,500
Yearly income 20,00,000 and Above 36% Example:
If annual income is 2,500,000
Tax amount up to 2,000,000 = 458,500
Additional income of 500,000 =
Total tax on 500,000 = 180,000 (36%)


2)  Income Tax Rates for Couples

Particulars New Tax Rate Taxable Amount (NPR)
First Tax Slab (Yearly income up to 4,00,000) 1% 4,000
Next (Yearly income up to 5,00,000) 10% 4,000 + 10,000 = 14,000
Next (Yearly income up to 7,00,000) 20% 14,000 + 40,000 = 54,000
Next (Yearly income up to 20,00,000) 30% 54,000 + 390,000 = 444,000
Yearly income 20,00,000 and Above 36% Example:
If annual income is 2,500,000
Tax amount up to 2,000,000 = 444,000
Additional income of 500,000 =
Total tax on 500,000 = 180,000 (36%)


3) Income Tax Rates in Nepal For Non-Resident Persons

Particulars New Tax Rate Taxable Amount (NPR)
First Tax Slab 1% 350,000
Next 10% 100,000
Next 20% 200,000
Next 30% 13,00,000
Balance Exceeding 36% 20,00,000


4) Income Tax Rates in Nepal For Non-Resident Couples

Particulars New Tax Rate Taxable Amount (NPR)
First Tax Slab 1% 400,000
Next 10% 100,000
Next 20%30% 200,000

13,00,000

Balance Exceeding 36% 20,00,000

Custom discount on ambulances

Purchase of Ambulance worth Rs. 16 lakhs will have a customs duty of only 1%. Number of ambulances can be bought
VDC- 2
Municipality- 3
Metropolitan/ subcontinent-  4
Whether to import more ambulance than that limit, other charges will be charged.

Tourist visa fee

The government has increased the visa fee, visa fee volume has increased up to 50 % in various titles. The government has also increased the fine for entry into the prohibited area.

Increase in price rate in goods

The customs rate has been increased on tea, coffee, dried ingredients, ghee, chicken meat, peas, peanuts, potato chips, biscuits, noodle, ice cream, gums, mineral water, sugar, chocolate, cheese, pasta, slippers, threads, and other items. 

The Withdrawal tax has been removed in the withdrawal of items such as barley, millet, chickpea, food grains, Electric car charger, road clearing boomers, water vessel and water vessel import duty has been reduced.

Others

There is no charge in the gold jewelry of 50 grams. In the gold jewelry of 100 grams above 50 grams. The wages of those employees who don’t have their PAN number cannot be deducted by any organizations or companies. PAN registration is compulsory to all business. 

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