KATHMANDU, MAY 29
Finance Minister Dr Swarnim Wagle has announced changes to personal income tax while presenting the budget for the upcoming fiscal year.
The government has increased the personal income tax exemption threshold to Rs 1 million from the existing Rs 500,000. Under the new provision, individuals earning up to Rs 1 million annually will now be required to pay only one percent tax.
Similarly, the personal income tax rate has been reduced to 29 percent from 39 percent, according to the budget announcement.
