Tuesday Feb 27, 2024
Tuesday Feb 27, 2024

Luxury tax comes into force


Nepalnews
2023 Jul 17, 17:51,
Image source :Google

The government's decision to implement a two percent luxury charge on services provided by high-end hotels and resorts, as well as on imported liquors and precious metals, has been put into effect from today.

The government has made this announcement through the budget for the upcoming fiscal year 2023-24 that was presented on May 29 before the Federal Parliament.

"Two percent luxury tax shall be imposed on luxury goods and services from the upcoming fiscal year," the government announced in the budget, and it has now come into effect from Monday, marking the beginning of the fiscal year 2023-24.

The four and five-star hotels and resorts charge their clients two percent additionally while providing services from coming mid-July.

The tax is applied on ornaments made up of precious metals and stones such as gold, diamond, pearls and gems worth over Rs 1 million. The tax is levied on imported alcoholic products at the customs point during the times of transportation.

In case of the non-payment of the luxury tax, it will be recovered along with a 15 percent interest rate annually.

Likewise, if the statement related to luxury tax is not submitted, such responsible person will be charged a fine of 2.5 percent annually until the submission of the details.

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