KATHMANDU, MAY 29
During a joint parliamentary session on Monday, Finance Minister Dr. Prakash Sharan Mahat presented the budget for the upcoming fiscal year 2080/81 in the federal parliament.
In a significant development, Minister Mahat announced a revision in the tax slab, specifying that individuals and proprietorship firms with an annual income exceeding Rs. 50 lakhs will be subject to a 39% income tax rate.
Previously, the tax rate for incomes surpassing Rs. 20 lakhs stood at 36%, with no separate category for incomes below 20 lakhs.
As part of its plans and policies, the government had expressed its intention to expand revenue collection and review the existing tax laws.
This revision in the tax slab aligns with the government's efforts to enhance revenue generation and ensure a fair taxation system.
The constitutional requirement mandates the budget to be unveiled on Jestha 15 each year, following the presentation of the ruling coalition government's policies and programs on Jestha 05.
