1% income tax for individual with annual income of Rs 500,000

KATHMANDU: The government has widened the income tax ceiling to provide relief to mid-income people. Finance Minister Janardan Sharma informed through the budget for the fiscal year 2022/23 that an individual will have to pay 1% tax for up to Rs 500,000 annual income while same tax rate is also applicable to the married couple but the income ceiling is up to Rs 600,000. In the light of the increasing economic activities in Nepal via electronic network from abroad, the government has made arrangements to bring such business under tax. For the businesspersons in Nepal who conducts business abroad with software, electronic service, outsourcing, and IT-based activities, 1% income tax is imposed. Meanwhile, the government has projected an economic growth rate of 8% in the coming fiscal year. (With inputs from RSS) READ ALSO:

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