To the relief of mid-income people, the government has widened the income tax ceiling.
Finance Minister Janardan Sharma informed that with the new budget an individual is to pay one percent tax for up to half a million income in a year while the same tax rate is applicable to married couples but the income ceiling is up to Rs 600 thousand.
In light of the increasing economic activities in Nepal via the electronic networks from abroad, the government has made arrangements to bring such business under the tax.
For the same kind of businessperson in Nepal who conducts business abroad with software, electronic service, outsourcing, and IT-based activities, a one percent income tax is imposed.
Meanwhile, the government has projected an economic growth rate of eight percent in the coming fiscal year.
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