Govt increases tax on alcohol, cigars and construction materials
May 29, 2018 08:19 PM NPT
KATHMANDU, May 29: The fiscal budget has made provisions to levy tax on alcohol, cigars, sanitary, electronics and construction materials.
Similarly, the budget has scrapped the provisions to impose VAT on education, health which was being imposed on the income made through providing health facilities.
Meanwhile, the government has also decided to waive the over-long-due tax of those companies if they want to abide by the existing tax regulations.
The budget has also increased inland revenue on alcohol, cigars, and other tobacco products. Similarly, the tax will be imposed on the import of chocolate mixed with coca, perfume, toys and refrigerators.
Likewise, the government has increased the tax for the motorbikes having 150 (cubic capacity) CC and those four-wheelers with 1,000 CC and above.
The government has reduced the tax being imposed on tea, textile and dairy industries by 50 percent.
Similarly, 10 percent tax of those companies having 500 million or above paid up capital will be waived as an encouragement to convert them from private to public companies.