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New taxes and policies to be implemented from tomorrow: Electricity, ride-sharing, education and health will be costlier 

लगानी न्यूज

तस्बिर एआई

. With the beginning of the fiscal year 2083/84 from July 17 (Friday), various tax and policy provisions made by the government through the budget and Finance Act will come into effect. The government has given tax exemption and relief in some sectors while adding new taxes and fees to some services and goods in this fiscal year. The same system will come into effect from Friday.

} The government has brought some areas that were previously exempt from tax in order to increase the internal revenue. The new taxes and duties will be applicable on household electricity, ride-sharing, private education, private health service, luxury hotels, imported liquor and gold and silver jewelry.

According to the Nepal Electricity Authority (NEA), domestic consumers consuming more than 50 units of electricity will now have to pay 5 percent Value Added Tax (VAT) and 13 percent VAT for commercial consumers.TAG_OPEN_div_33 The NEA has already made necessary software modifications and the new system will be implemented in the bill to be issued from July 1.

Similarly, 5% VAT is applicable on ride-sharing services such as Pathao, InDriver, Yango, among others.TAG_OPEN_div_31 According to the Finance Act, 2083, 3 percent education parity fee will be applicable to private educational institutions and 3 percent health parity fee will be applicable to private health institutions.

Similarly, 2 percent luxury duty will be levied on five-star or above hotels, luxury resorts and imported liquor.TAG_OPEN_div_29 A 0.5 percent skill promotion fee will be levied on the purchase of gold, silver and jewelry, while the annual royalty of the mini casino has been increased from Rs 15 million to Rs 30 million.

Areas subsidized by the government

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TAG_OPEN_div_26 The government has also made arrangements for relief in some areas for this fiscal year. The government has increased the annual tax limit for personal income tax from Rs 5 lakh to Rs 1 million. The maximum personal income tax rate has also been reduced from 39 per cent to 29 per cent.

Similarly, the government has reduced the customs rate from 11 levels to seven levels, reforming the customs system.TAG_OPEN_div_24 Similarly, the government has reduced customs duty on 273 types of industrial raw materials. Excise duty has been removed from 360 items. However, excise duty has been increased on alcohol, cigarettes, tobacco, junk food, juice and some luxury items. This tax has been implemented from May 29.

The government has also announced the implementation of an integrated green tax (green tax) and a 40 percent incentive subsidy to farmers investing up to Rs 20 million.TAG_OPEN_div_22

Similarly, the government has also introduced a policy to conduct intraday trading, short selling and derivatives trading in the capital market in a phased manner from this fiscal year.TAG_OPEN_div_20 Similarly, the provision of making capital gains tax on the sale of shares of listed companies as final tax will also be implemented. Similarly, a 21 percent increase in the salary of government employees will come into effect from mid-July.

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