Kathmandu. Finance Minister Dr. Swarnim Wagle is presenting the budget speech for the coming fiscal year 2083/84. Wagle is presenting the budget in the joint session of the federal parliament.
Presenting the budget, Finance Minister Dr. Wagle has announced to provide relief to enterprises by making extensive reforms in the tax system through the budget for the coming fiscal year 2083/84. Wagle said that the tax rates and customs system have been reviewed with the objective of expanding the middle class and making the overall economy dynamic.
He said that the limit of income tax exemption has been doubled to reduce the tax burden. Now the limit of income tax exemption for individuals has been increased to Rs 10 lakh. He also said that the maximum rate of personal income tax has been reduced by 10 percentage points.
He said, “I would like to announce some of the mentioned reforms related to the steps that are being laid through the budget for the fiscal year 2083 and 84, and the foundation of all-round development.” I have done a comprehensive review of tax rates to give relief to enterprises, expand the middle class and make the overall economy dynamic. In order to reduce the tax burden, I have doubled the limit of income tax exemption to Rs 10 lakh for individuals. I have reduced the maximum rate of personal income tax by 10 percentage points. I have reduced customs duty on 273 types of raw materials so that the customs duty of industrial raw materials is at least one level less than that of finished goods. I have reduced the customs rate of the existing 11 levels to seven levels. Currently, I have abolished the excise duty on 360 items. ’
On the occasion, Finance Minister Dr Wagle announced that the customs duty on 273 types of raw materials has been reduced by at least one level less than the finished goods. Similarly, the customs rate of existing 11 levels has been reduced to seven levels.
According to Finance Minister Wagle, the excise duty on 360 items has also been scrapped through the budget. The budget for the fiscal year 2083/84 has set the objective of economic reforms, investment promotion and building a base for the overall development, he said.
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