Government imposes 2 pc levy on luxury goods, services

KATHMANDU: The government has decided to impose 2% luxury charge for services of high-end hotels and resorts, imported liquors and precious metals. The government has made this announcement through the budget for the upcoming fiscal year 2023/24 which was presented by Finance Minister Prakash Sharan Mahart on Monday before the Federal Parliament. "Two per cent luxury tax shall be imposed for luxury goods and services," Minsiter Mahat said while reading out the budget statement. The high-end hotels and resorts may charge their clients 2% additionally while providing services from coming mid-July.  The new fiscal year commences on July 17. The tax is applied on ornaments made up of precious stones and metals such as gold, silver, diamond, pearls and gems worth over Rs 1 million. The tax is levied on imported alcoholic products at the customs point during times of transportation. In case of non-payment of the luxury tax, it will be recovered along with a 15% interest rate annually. Likewise, if the statement related to luxury tax is not submitted, the person responsible will be charged a fine of 2.5% annually until the submission of the details. By RSS READ ALSO:

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