PORTUGAL, July 25: Minister for Foreign Affairs, Pradeep Kumar Gyawali, has said that the country has been on track in its aim to develop Nepal a middle-income country in the next 12 years.

People with annual earnings of up to Rs 450,000 will have to pay only 1% social security tax for Rs 350,000 and 10% of the remaining Rs 100,000. Under this taxation, the total income tax on annual income of Rs 450,000 will be Rs 13,500.

KATHMANDU, Oct 27: Nepal could miss its target to become a 'middle-income' country by relying too heavily on remittance incomes, according to a new report prepared jointly by the Overseas Development Institute (ODI) and South Asia Watch on Trade, Economics and Environment (SAWTEE).