KMC waives tax on property of commercial buildings being used for parking lots for FY 2022/23

Published On: June 25, 2022 05:30 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, June 25: The Kathmandu Metropolitan City (KMC) is waiving the tax of property owned by the multi-storey commercial buildings which are designated for parking purposes.

The Finance Bill presented by the KMC in a Municipal Council meeting on Friday introduced the provision for the assets area that have been certified for parking lots while taking approval for the building map. However, if such property is found being used for purposes other than parking lots, it is subjected to pay the government taxes and will also face legal action, according to the KMC.

The KMC is also waiving property tax by additional 40 percent for the next fiscal year, if the property belongs to the coronavirus affected businesses related to hotels, resorts and movie theaters operating in the metropolis. These businesses will get the facility only if they clear the property taxes of up to the fiscal year 2021/22.

Similarly, the KMC has increased the depreciation rate of RCC structure building from 1 percent to 1.5 percent annually. The land tax rate of the metropolis has been left unchanged for the next fiscal year.