Nepal Budget 2073/2074

KEY POINTS

• Budget: 1.048 trillion, or $9.89 billion

• Growth: 6.5% Inflation: 7.5%
• Gov. staff salary: +25%
• Social Security: Double
• Employment Tax Limit Rs 350,000 For Single and Rs 400,000 for Couple
• Compulsory VAT Registration Threshold for Service business or Combination of Service and
Trading Increased to Rs 2000,000 from Rs 1000,000
• Retail Shop , Hotel and Restaurant Should mention their price including VAT
• Manufacturing Company is listed in Nepse then 15% Exemption in Income Tax. Taxpayer
having transaction up to RS. 10 M is not required to submit audited financial statement .
• Doubled old age benefit !
• Necessary preparations to be made to celebrate 2018 as Visit Nepal year
• 75% grant on premium on agro insurance • Rs 5.78 billion allotted for PM Agriculture
Modernisation Project
• Separate number plates for vehicles imported without custom duty
• Digital meter to be fixed in taxi @ Ktm
• Hike on Petrolium products by Rs. 5 for development purpose. Hide your Tires students are
coming
• Nepal to propose building 10,000MW Karnali-Chisapani mp-project through trilateral
cooperation between Nepal India China.

A brief description OF budget for financial year 2073/74 by ministry of finance of Nepal
related to Audit and taxation program.

• Electronic taxation system Will be implemented.

• 15% income tax rebate provided for every public company incorporate from on or after FY
2073/74
• Audit exemption is provided for every small and median (middle) tax payer whose income is
not more than 1 corer.
• Tax registration fee for selling purchase transaction of land and building relief provided for
women Will be reversed back
• Vat registration will be mandatory for every company according to their turnover limit.
• Income tax exemption is increase from 250000 to 350000 for every individual and 300000 to
400000 for every couple (Dampati )
• Only 1% vat rate for purchasing machinery use for only Agriculture, fertilizer and and
irrigation
• Vat exemption is provided for Fruits production honey production and fish production
• Only 1% vat rate for transportation vehicle used for only transportation of dairy product, fishs
and meat etc.
• 2/3 vat exemption will be available for transportation vehicle used for transport of LPG gas.
• 10% vat rate for purchasing of electronic Vehicle/transportation used for public transport
• Vat exemption is available for every government hospital on purchasing of machinery used for
Cancer diseases, heart diseases and kidney diseases.
• Income, expenses and budget Audit is mandatory for every parliament office and local body
will effect for FY 2073/74

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