Kathmandu. The cabinet meeting held today has announced a business revival package for the flood-affected businessmen.

The decision to announce the package was made on the proposal of the Ministry of Finance.

KATHMANDU — The government has decided to provide relief, tax exemption, concessions and facilities to the industries, trade, business establishments and economic activities affected by the devastating floods in the Bhotekoshi River along the Nepal-China border.

According to the Ministry of Finance, the Department of Customs has decided to waive all the customs duty if they want to re-import the vehicles and transport vehicles for commercial purpose that have been damaged due to floods or lost due to floods.

Similarly, if the plant, machinery, machinery and equipment of any natural person or agency has been destroyed due to floods and the plant, machinery, machinery and equipment destroyed by such natural person or agency is imported in such a way that it does not increase in the quantity destroyed, then all the duty levied on the import of such plant, machinery, machinery and equipment will be exempted from all the customs duty on the import of such plant, machinery, machinery and equipment.

If an importer has already paid the duty to the customs office but the goods have been destroyed before reaching their destination due to the floods of August 26, then the same type of goods are imported from any customs office within six months.

Similarly, regarding tax exemption and concession, the Inland Revenue Department has extended the deadline for the taxpayers of the flood-affected areas to submit the Value Added Tax Act, 2052; Income Tax Act, 2058; According to the Excise Duty Act, 2058 and the Finance Act, 2083, the details to be submitted within the months of August and September 2083 and the deadline has been extended so that the details can be submitted by November 10.

The process of adjusting the claim of VAT paid on commercial property damaged by floods will be simplified.

Provision has been made to deduct a lump sum expense for tax purposes from the value of a commercial property that has been completely damaged due to floods.

Provision has been made that the limit as per Section 16 (2) of the Income Tax Act, 2058 will not be applicable while determining the taxable income for the income year 2083/084 on the maintenance and improvement expenses of the depreciable properties partially damaged by the floods.

To provide full income tax exemption for the income year 2082/83 to the person who submits the estimated income statement directly affected by the floods.

If any entity contributes money to the Prime Minister Natural Disaster Relief Fund in the fiscal year 2083/84 from the fund established for the purpose of fulfilling corporate social responsibility, the concerned body shall make arrangements to amend the related acts/rules and directives to define such contribution amount as the expenditure incurred as corporate social responsibility of that entity.

The province government and local levels have been requested to make arrangements for providing concessions on property tax, business tax, map pass fee and other local fees for the affected businesses and properties for a certain period to the people directly affected by the floods.