The Finance Minister presented the annual budget of Rs. 1,278.99 billion for FY 2074/2075, which is higher than the previous year's budget of Rs. 1,048.92 billion. The budget focuses on completing infrastructure projects such as the Melamchi Water Supply project and KTM-TERAI MADHES FAST TRACK. It also aims to open a commercial bank branch in each local level and establish a National Supplier by merging various national trading entities. Direct and corporate tax rates remain unchanged from the previous year, while excise duties are increased on tobacco and liquor products.
The budget document provides details of the Nepalese fiscal budget for FY 2075/2076 (FY 2018/2019), including total budget allocation of NRs. 1,315.16 billion. Key highlights include revisions to individual and corporate tax rates, amendments to VAT, excise duty and customs duty rates, and the introduction of new taxes. Priority sectors identified for funding include reconstruction efforts, transportation, housing, agriculture, energy, education and health. The budget aims to achieve 8% economic growth while maintaining inflation below 6.5%.
The document provides an overview of the impact of GST on the poultry sector in India. Some key points:
1. Poultry farming is considered an agricultural activity as per various acts like KVAT and Service Tax acts.
2. Under GST, businesses in the poultry industry like feed mills, hatcheries, meat processing etc. are required to register if their annual turnover exceeds Rs. 20 lakhs. Smaller businesses can opt for the composition scheme with a lower tax rate of 2%.
3. Major poultry products attract a tax rate of 5-12% under GST compared to 0-5.5% earlier. Inputs and services related to p
The document summarizes key highlights of the 2022 Union Budget of India related to direct tax, international tax, and indirect tax provisions. Some key points include reductions in certain tax rates for cooperatives and startups, rationalization of tax provisions related to pensions, property taxes, and penalties. Virtual digital assets are now defined and taxed at 30%, and tax exemptions are provided for IFSC sectors. Amendments also impact GST laws including refunds and interest rates. Custom duties are increased for some products and decreased for others.
The document discusses key amendments made by the Finance Bill 2018 under the Income Tax Act.
It discusses changes to income tax rates for individuals, companies, and other assessees for FY 2018-19 compared to FY 2017-18. Notable changes include reduced tax rates for certain domestic companies and increased dividend distribution tax rate for deemed dividends.
It also summarizes some other amendments, including applying dividend distribution tax to deemed dividends under section 2(22)(e), plugging a loophole related to reduction of capital post amalgamation, and a new 100% tax deduction for income of farm producer companies. Key economic trends like exports, imports, trade deficit, gold and forex reserves are also
This document analyzes the impact of implementing GST on the textile and apparel industry in India. It provides an overview of the industry, describes the current tax structure, and analyzes how GST would impact different segments of the industry value chain, including natural fibers, man-made fibers, exports, and imports. It notes both potential benefits like input tax credits, a level playing field, and simplification, as well as challenges of the proposed GST rates being higher than current effective rates and difficulty bringing small units into the tax net.
This document outlines some of the key impact areas of implementing the Goods and Services Tax (GST) in India. It notes that GST will create a uniform tax rate nationwide and remove exemptions, cascading taxes, and barriers to interstate trade. This is expected to lead to supply chain reengineering, consolidation of warehouses, and flexibility in sourcing. It also may cause some initial inflation and working capital strains. The document provides an example of how prices will be lower after GST compared to the pre-GST tax regime due to full tax credits being available. Finally, it states that GST will significantly impact many business functions and processes across every industry.
The budget document provides details of the Nepalese fiscal budget for FY 2075/2076 (FY 2018/2019), including total budget allocation of NRs. 1,315.16 billion. Key highlights include revisions to individual and corporate tax rates, amendments to VAT, excise duty and customs duty rates, and the introduction of new taxes. Priority sectors identified for funding include reconstruction efforts, transportation, housing, agriculture, energy, education and health. The budget aims to achieve 8% economic growth while maintaining inflation below 6.5%.
The document provides an overview of the impact of GST on the poultry sector in India. Some key points:
1. Poultry farming is considered an agricultural activity as per various acts like KVAT and Service Tax acts.
2. Under GST, businesses in the poultry industry like feed mills, hatcheries, meat processing etc. are required to register if their annual turnover exceeds Rs. 20 lakhs. Smaller businesses can opt for the composition scheme with a lower tax rate of 2%.
3. Major poultry products attract a tax rate of 5-12% under GST compared to 0-5.5% earlier. Inputs and services related to p
The document summarizes key highlights of the 2022 Union Budget of India related to direct tax, international tax, and indirect tax provisions. Some key points include reductions in certain tax rates for cooperatives and startups, rationalization of tax provisions related to pensions, property taxes, and penalties. Virtual digital assets are now defined and taxed at 30%, and tax exemptions are provided for IFSC sectors. Amendments also impact GST laws including refunds and interest rates. Custom duties are increased for some products and decreased for others.
The document discusses key amendments made by the Finance Bill 2018 under the Income Tax Act.
It discusses changes to income tax rates for individuals, companies, and other assessees for FY 2018-19 compared to FY 2017-18. Notable changes include reduced tax rates for certain domestic companies and increased dividend distribution tax rate for deemed dividends.
It also summarizes some other amendments, including applying dividend distribution tax to deemed dividends under section 2(22)(e), plugging a loophole related to reduction of capital post amalgamation, and a new 100% tax deduction for income of farm producer companies. Key economic trends like exports, imports, trade deficit, gold and forex reserves are also
This document analyzes the impact of implementing GST on the textile and apparel industry in India. It provides an overview of the industry, describes the current tax structure, and analyzes how GST would impact different segments of the industry value chain, including natural fibers, man-made fibers, exports, and imports. It notes both potential benefits like input tax credits, a level playing field, and simplification, as well as challenges of the proposed GST rates being higher than current effective rates and difficulty bringing small units into the tax net.
This document outlines some of the key impact areas of implementing the Goods and Services Tax (GST) in India. It notes that GST will create a uniform tax rate nationwide and remove exemptions, cascading taxes, and barriers to interstate trade. This is expected to lead to supply chain reengineering, consolidation of warehouses, and flexibility in sourcing. It also may cause some initial inflation and working capital strains. The document provides an example of how prices will be lower after GST compared to the pre-GST tax regime due to full tax credits being available. Finally, it states that GST will significantly impact many business functions and processes across every industry.
Daily dose of professional updates in newsletter form- 28th August 2019CA PRADEEP GOYAL
The document is a newsletter providing updates on various topics related to business, finance, and professional world. It includes summaries of recent changes to direct tax code, goods and services tax laws, income tax regulations, and important announcements from regulatory bodies like ICAI and ICSI. Court rulings on GST and income tax are also summarized. The newsletter aims to keep readers well-informed of daily developments and reforms in India's economic, financial, and legal landscape.
why agricultural income could not be taxed in pakistan agricultural income ta...Nimra Waseem Chaudhry
why agricultural income could not be taxed in pakistan agricultural income taxation , problems of agricultural taxation., agricultural income taxation of pakistan agricultural taxation of pakistan
This document contains tax rates and rules for different types of income and transactions in India. Form 24Q outlines income tax rates for individuals of different ages and income levels. Form 26Q lists tax deduction rates for various types of payments. Form 27Q provides tax rates for payments to non-residents. Form 27EQ outlines tax collection rates on the sale of certain goods and services.
This document discusses the impact of GST on agriculture in India. It begins with background on GST and definitions of agriculture. The objectives are to understand GST's impact, examine implications, and study inflation changes. The methodology is descriptive analysis of agriculture commodity rate changes post-GST. Key findings are that GST improved supply chains but increased input costs and some processed product taxes while simplifying markets. Suggestions include revising some GST rates and reducing taxes on food items. Overall, GST enables improved trade that can benefit agricultural growth.
The document summarizes direct tax proposals in the Indian Budget for 2016-2017, including:
- Threshold income limits and tax rates will largely remain the same, with some small increases to rebates and limits. Surcharge will be increased for higher income levels.
- New tax incentives are proposed for start-ups. Several deductions will be phased out over time, with lower percentages allowed until full removal.
- Changes also include increased TDS thresholds, taxation of dividends over Rs. 10 lakhs, and introduction of presumptive taxation schemes for professionals and businesses with income under Rs. 50-100 lakhs.
The document summarizes key amendments made by the Finance Bill 2016 related to income tax and equalization levy. Some of the major changes include:
1. Introduction of a 6% equalization levy on specified online advertisement services received by non-residents from Indian residents without a permanent establishment in India.
2. Allowing a deduction of up to 40% of the total amount received from National Pension System (NPS), moving from a fully taxable model to a partially taxable "EET" model.
3. Reducing the deduction limit for specified businesses under Section 10AA to assessments made up to April 1, 2020.
4. Allowing non-banking financial companies
This newsletter provides updates across various domains:
1) It outlines thoughts on the importance of determination and commitment to achieving goals.
2) It lists several regulatory updates from SEBI, DGFT, IRDA, RBI, and CBDT regarding corporate matters, import/export policies, rural insurance targets, and tax filing extensions.
3) It provides market updates on indices like Sensex, Nifty and commodity prices for items like gold, silver, crude oil.
Hi everyone,
This is a summary slides that summarizes the GST implementation in Malaysia for SMEs.
If you are interested to know more, please feel free to visit our website at http://www.OfficeCentralCloud.com. Or sign up for a free trial for OfficeCentral, your All-In-One GST-Compliant enterprise management system specially designed for SMEs here: http://www.OfficeCentral.com.my.
Thank you!
Good and services tax is likely to be implemented from 1st April 2017. In this presentation, an attempt is made to understand the benefits of the GST over the present indirect tax system
The document discusses the impact of GST on India's apparel industry. It provides an example comparing the cost of a garment under the GST and non-GST regimes. Under GST, the total tax paid is lower (Rs. 16 vs Rs. 58.23) and the final price is cheaper (Rs. 166 vs Rs. 208.23) due to elimination of taxes on taxes. GST is expected to bring transparency by allowing input tax credits, though it may initially increase tax burdens for textile businesses if GST rates are higher than current rates. Overall, GST could lead to growth in the textile sector by removing fiscal barriers and encouraging modernization.
Agriculture is the main stay of the majority of people, especially in the rural areas
provides employment to about 70% of the total labor force.
Contributes 23.7 percent of the Gross Domestic Product
Contributes 34 percent of export earnings
Provides 95 percent of domestic food requirement
This document provides an overview of the proposed Goods and Services Tax (GST) system in India. It discusses the limitations of the current indirect tax system, including cascading taxes and lack of centralized administration. The proposed GST system would create a unified tax structure with three components - CGST, SGST, and IGST. This would simplify compliance, reduce costs, and promote a unified national market. The bill has passed the Lok Sabha and is currently tabled in the Rajya Sabha. Implementation of GST is expected to boost investment, employment, and economic growth in India by simplifying taxes and widening the tax base.
This document provides a TDS-TCS rate chart for the financial year 2013-14 published by www.simpletaxindia.net. It lists the tax deduction at source rates for various types of payments like salaries, interest, contracts, commissions etc. along with applicable thresholds. It also provides details on TCS rates, due dates for depositing TDS-TCS, situations where surcharge and cess are applicable, consequences of default and duties of the tax deductor. The key highlights are the TDS rates for various payments, TCS rates on specified goods or services, due dates to deposit the deducted or collected tax, and penalties for non-compliance.
The document discusses the impact of the Goods and Services Tax (GST) on India's logistics sector. It notes that GST will eliminate the tax-on-tax regime and make tax a non-factor in supply chain decisions. This will allow companies to consolidate warehouses across states, reducing costs. The logistics sector is estimated to see a 10-15% reduction in costs. Companies will need to redesign distribution networks and adapt pricing, warehousing, and purchasing strategies to take advantage of the opportunities presented by GST.
The document discusses taxing agricultural income in India. It notes that agriculture provides employment to 60% of the population and contributes 20% to GDP. Currently, agricultural tax is determined by state governments according to the constitution. Taxing more agricultural income could add more taxpayers and revenue to support development. The document proposes defining consumption points, using tax revenues for agriculture infrastructure, and addressing potential pitfalls like tax evasion through joint family systems.
Direct Tax Amendments Applicable From 1st April 2017Amarpal Jakhar
As Financial Year is ending, tax proposals in the Budget 2017 have now become law. This Budget focused on rewarding honest taxpayers, taxing the rich and bringing to task economic offenders. Here we are listing some of the major changes in direct taxation that would apply from April 2017.
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
Fiscal Budget of Nepal FY 2020-21, Presented by Finance Minister. Budget synopsis include the provisions for Covid-19 relief for business, Tam Amendments and Other Changes.
The document provides a summary and analysis of Pakistan's Finance Bill 2015, including key budget highlights. It outlines the total revenues and expenditures in the budget, breakdowns of revenue sources and spending allocations, and comments on various policy measures. Some of the major tax policy changes highlighted include a reduction in the corporate tax rate, an increase in tax rates on dividends and electricity bills, and the imposition of a one-time super tax on banks and large companies.
Daily dose of professional updates in newsletter form- 28th August 2019CA PRADEEP GOYAL
The document is a newsletter providing updates on various topics related to business, finance, and professional world. It includes summaries of recent changes to direct tax code, goods and services tax laws, income tax regulations, and important announcements from regulatory bodies like ICAI and ICSI. Court rulings on GST and income tax are also summarized. The newsletter aims to keep readers well-informed of daily developments and reforms in India's economic, financial, and legal landscape.
why agricultural income could not be taxed in pakistan agricultural income ta...Nimra Waseem Chaudhry
why agricultural income could not be taxed in pakistan agricultural income taxation , problems of agricultural taxation., agricultural income taxation of pakistan agricultural taxation of pakistan
This document contains tax rates and rules for different types of income and transactions in India. Form 24Q outlines income tax rates for individuals of different ages and income levels. Form 26Q lists tax deduction rates for various types of payments. Form 27Q provides tax rates for payments to non-residents. Form 27EQ outlines tax collection rates on the sale of certain goods and services.
This document discusses the impact of GST on agriculture in India. It begins with background on GST and definitions of agriculture. The objectives are to understand GST's impact, examine implications, and study inflation changes. The methodology is descriptive analysis of agriculture commodity rate changes post-GST. Key findings are that GST improved supply chains but increased input costs and some processed product taxes while simplifying markets. Suggestions include revising some GST rates and reducing taxes on food items. Overall, GST enables improved trade that can benefit agricultural growth.
The document summarizes direct tax proposals in the Indian Budget for 2016-2017, including:
- Threshold income limits and tax rates will largely remain the same, with some small increases to rebates and limits. Surcharge will be increased for higher income levels.
- New tax incentives are proposed for start-ups. Several deductions will be phased out over time, with lower percentages allowed until full removal.
- Changes also include increased TDS thresholds, taxation of dividends over Rs. 10 lakhs, and introduction of presumptive taxation schemes for professionals and businesses with income under Rs. 50-100 lakhs.
The document summarizes key amendments made by the Finance Bill 2016 related to income tax and equalization levy. Some of the major changes include:
1. Introduction of a 6% equalization levy on specified online advertisement services received by non-residents from Indian residents without a permanent establishment in India.
2. Allowing a deduction of up to 40% of the total amount received from National Pension System (NPS), moving from a fully taxable model to a partially taxable "EET" model.
3. Reducing the deduction limit for specified businesses under Section 10AA to assessments made up to April 1, 2020.
4. Allowing non-banking financial companies
This newsletter provides updates across various domains:
1) It outlines thoughts on the importance of determination and commitment to achieving goals.
2) It lists several regulatory updates from SEBI, DGFT, IRDA, RBI, and CBDT regarding corporate matters, import/export policies, rural insurance targets, and tax filing extensions.
3) It provides market updates on indices like Sensex, Nifty and commodity prices for items like gold, silver, crude oil.
Hi everyone,
This is a summary slides that summarizes the GST implementation in Malaysia for SMEs.
If you are interested to know more, please feel free to visit our website at http://www.OfficeCentralCloud.com. Or sign up for a free trial for OfficeCentral, your All-In-One GST-Compliant enterprise management system specially designed for SMEs here: http://www.OfficeCentral.com.my.
Thank you!
Good and services tax is likely to be implemented from 1st April 2017. In this presentation, an attempt is made to understand the benefits of the GST over the present indirect tax system
The document discusses the impact of GST on India's apparel industry. It provides an example comparing the cost of a garment under the GST and non-GST regimes. Under GST, the total tax paid is lower (Rs. 16 vs Rs. 58.23) and the final price is cheaper (Rs. 166 vs Rs. 208.23) due to elimination of taxes on taxes. GST is expected to bring transparency by allowing input tax credits, though it may initially increase tax burdens for textile businesses if GST rates are higher than current rates. Overall, GST could lead to growth in the textile sector by removing fiscal barriers and encouraging modernization.
Agriculture is the main stay of the majority of people, especially in the rural areas
provides employment to about 70% of the total labor force.
Contributes 23.7 percent of the Gross Domestic Product
Contributes 34 percent of export earnings
Provides 95 percent of domestic food requirement
This document provides an overview of the proposed Goods and Services Tax (GST) system in India. It discusses the limitations of the current indirect tax system, including cascading taxes and lack of centralized administration. The proposed GST system would create a unified tax structure with three components - CGST, SGST, and IGST. This would simplify compliance, reduce costs, and promote a unified national market. The bill has passed the Lok Sabha and is currently tabled in the Rajya Sabha. Implementation of GST is expected to boost investment, employment, and economic growth in India by simplifying taxes and widening the tax base.
This document provides a TDS-TCS rate chart for the financial year 2013-14 published by www.simpletaxindia.net. It lists the tax deduction at source rates for various types of payments like salaries, interest, contracts, commissions etc. along with applicable thresholds. It also provides details on TCS rates, due dates for depositing TDS-TCS, situations where surcharge and cess are applicable, consequences of default and duties of the tax deductor. The key highlights are the TDS rates for various payments, TCS rates on specified goods or services, due dates to deposit the deducted or collected tax, and penalties for non-compliance.
The document discusses the impact of the Goods and Services Tax (GST) on India's logistics sector. It notes that GST will eliminate the tax-on-tax regime and make tax a non-factor in supply chain decisions. This will allow companies to consolidate warehouses across states, reducing costs. The logistics sector is estimated to see a 10-15% reduction in costs. Companies will need to redesign distribution networks and adapt pricing, warehousing, and purchasing strategies to take advantage of the opportunities presented by GST.
The document discusses taxing agricultural income in India. It notes that agriculture provides employment to 60% of the population and contributes 20% to GDP. Currently, agricultural tax is determined by state governments according to the constitution. Taxing more agricultural income could add more taxpayers and revenue to support development. The document proposes defining consumption points, using tax revenues for agriculture infrastructure, and addressing potential pitfalls like tax evasion through joint family systems.
Direct Tax Amendments Applicable From 1st April 2017Amarpal Jakhar
As Financial Year is ending, tax proposals in the Budget 2017 have now become law. This Budget focused on rewarding honest taxpayers, taxing the rich and bringing to task economic offenders. Here we are listing some of the major changes in direct taxation that would apply from April 2017.
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
Fiscal Budget of Nepal FY 2020-21, Presented by Finance Minister. Budget synopsis include the provisions for Covid-19 relief for business, Tam Amendments and Other Changes.
The document provides a summary and analysis of Pakistan's Finance Bill 2015, including key budget highlights. It outlines the total revenues and expenditures in the budget, breakdowns of revenue sources and spending allocations, and comments on various policy measures. Some of the major tax policy changes highlighted include a reduction in the corporate tax rate, an increase in tax rates on dividends and electricity bills, and the imposition of a one-time super tax on banks and large companies.
The document summarizes key aspects of Nepal's budget for fiscal year 2075/76 from a tax perspective. Some highlights include:
- Personal and corporate income tax rates remain largely unchanged, with some small adjustments to tax slabs and deductions.
- New health and education taxes are introduced, while some existing taxes like the education tax are removed.
- Incentives are provided for taxpayers to regularize past tax compliance and for industries establishing operations in undeveloped areas.
- Special industries are eligible for reduced corporate tax rates based on employment of Nepalese citizens. New industries establishing with large investments are eligible for tax holidays.
- Budget allocations prioritize areas like employment, infrastructure, health
Pakistan budget summary 2015 by IRCOCAAziza Faryal
This document provides a summary of key proposed amendments in the Finance Bill 2015 relating to income tax in Pakistan. Some highlights include:
1) Introduction of a super tax for tax year 2015 at 4% for banks and 3% for other large companies to fund rehabilitation of displaced persons.
2) Reduction of the corporate tax rate from 33% to 32%.
3) A new 10% tax on undistributed reserves of listed companies if reserves exceed paid up capital.
4) Expansion of the definition of small companies and changes to tax rates and slabs for individuals.
5) Enhancement of withholding taxes on dividends and other payments.
This budget document summarizes the key aspects of Nepal's Budget for 2078-79 fiscal year. Some of the major highlights include: estimating annual GDP growth of 6.5%, raising the per capita income target to $1,486, providing tax exemptions on COVID-19 related medical imports, offering loan and tax incentives for youth, small businesses and industries, and reducing income tax rates for individuals and sectors impacted by the pandemic such as tourism and aviation. The budget also raises some duties on alcohol and tobacco while subsidizing selected domestic products.
This document provides an overview of key Indian tax rates, rules, and regulations for the assessment years 2021-22 and 2022-23. It summarizes income tax slabs and rates for individuals, HUF, firms, companies and cooperative societies. It also outlines key tax deducted at source provisions around applicable thresholds and rates for common income types like salary, interest, dividends, rent, professional fees, and payments to contractors.
Bangladesh National Budget 2018-19- Bangladesh on a Pathway to ProsperityRezaur Rahman Khan Rubel
I'm Immensely pleased to share with you the attached article written by our Lead Consultant Mr. Tofazzul Hussain FCA, CMC "Bangladesh National Budget 2018-19- Bangladesh on a Pathway to Prosperity" published on ICAB Journal 'The Bangladesh accountant' April-June 2018.
Trust you'll find it useful and informative.
This document provides an overview and summary of key proposed amendments to Pakistan's Finance Bill 2015, which take effect on July 1, 2015. Some notable changes include the introduction of a one-time 3-4% super tax on high-income individuals and companies to fund displaced persons; increasing the tax rate on undistributed reserves of public companies to 10%; and reducing the corporate tax rate for non-banking companies to 32% by 2016. It also outlines proposed amendments to income tax, sales tax, federal excise duty, and the gas infrastructure development cess.
A brief about the History, Origin and Functionalities and Purpose of the Visakhapatnam Special Economic Zone, and its contribution to the growth of the Economy of the Country by way of earning foreign exchange to the tune of Rs 74100 Crore during 2018-19.
This document provides a summary of Malaysian tax and business information. It outlines key aspects of the Malaysian tax system including personal income tax, corporate income tax, capital allowances, tax incentives and various other taxes. The document is published annually by PricewaterhouseCoopers to provide a general guide on Malaysian tax and business matters. It incorporates proposals from the Malaysian Budget for 2015 that were announced in October 2014 but have yet to be enacted. The information in this guide should not be considered tax advice and professional advice should be sought when determining tax liability in specific circumstances.
This document has been prepared by the Finance Team of SED for information purpose only of its members residing both in Bangladesh and abroad, on the basis of the publicly available information in the market and own research. This document is not directed to, or intended for distribution to or use by, any person or entity that is citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation . The information and data presented herein are the exclusive property of SED and any unauthorized reproduction or redistribution of the same is strictly prohibited . No part of this report should be copied or used in any other report or publication or anything of that sort without proper credit given or prior written permission taken from the authorized publisher of this report . This disclaimer applies to the report irrespective of being used in whole or in part .
NBSM Nepal Budget 2072/73 (2015/16) HighlightsNil Saru
Government of Nepal's Current Finance Minister Dr. Ram Sharan Mahat presented the Budget on July 14, 2015 for the Fiscal Year 2072/73 (2015/2016). The total size of the budget announced for Nepal's new Fiscal Year is Rs 819.468 billion. This is 32.6 per cent greater than the budget allocated for the Fiscal Year 2014/15. NBSM is pleased to share the High Lights of the Budget from Tax perspective.
This document provides tax rates in Pakistan for the year 2017 according to the Finance Bill 2016-17. It outlines income tax rates for salary income, business income, capital gains tax, withholding taxes on various transactions, minimum tax rates for different industries, and tax rates on properties, builders, and developers. The rates are organized into tables with categories of taxable income or transactions and the corresponding tax rates.
The document provides an executive summary and analysis of the Union Budget of India for fiscal year 2019-20. It highlights key policy announcements, tax proposals, and sectoral impacts. The budget aims to make India a $5 trillion economy by 2024-25 through measures to boost infrastructure, ease of doing business, and rural development. It lowers the fiscal deficit target to 3.3% of GDP and outlines plans to raise revenues through privatization and dividends from public sector companies.
The document provides an overview of the changes to individual and business taxation resulting from the 2017 tax reform law. For individuals, it summarizes changes such as lower tax rates, increased standard deduction, changes to certain deductions. For businesses, it discusses expanded expensing allowances, limitations on interest expense deductions, changes to meals and entertainment deductions. It also provides details on the new 20% pass-through deduction and its limitations.
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
It gives me a pleasure to present the summary and analysis of Union Budget 2018.
Union Budget 2018 proves a stepping stone towards rising governance and analyzing direct tax proposals that will help India maintain its stand as the fastest growing economy in the world.
With the aim to provide you an economic overview and direct tax proposals, this snapshot also decodes the impact of each and every provision on you and your company.
Hope you find this analysis useful in taking business decisions and align your company's strategy with overall economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
The document summarizes key proposed changes in the Income Tax Act 2023 in Bangladesh. Some of the major changes include:
- Reducing the number of tax return statements from 29 to 12 to simplify the return filing process.
- Providing a comprehensive list of deductible business expenses with new structures for general and specific deductions.
- Widening the caps on expense limits and including new areas for tax deductions to make the tax system more investment and business friendly.
- Introducing provisions to better align the tax laws with international financial reporting standards (IFRS) and address differences between IFRS and tax laws.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
Calculation of compliance cost in the fishing industry of Russia after extended SCM model (Veterinary and sanitary control of aquatic biological resources (ABR) - Preparation of documents, passing expertise)
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
1. B.R. SINGH & ASSOCIATES
Chartered Accountants
www.brsa.com.np
NEPAL BUDGET SYNOPSIS FY 2074/2075 (FY 2017/2018)
The Hon’ble Finance Minister, Mr. Krishna Bahadur Mahara presented annual budget of Rs. 1,278.99 billion (PY 1,048.92 billion)
on Monday, Jestha 15, 2074 (May 29, 2017) for the financial year 2074/75 (2017-18) through Finance Bill, 2074.
2. FOR USE BY CLIENTS AND FIRM PERSONNEL ONLY
We have taken all steps to ensure that the information contained herein has been obtained from reliable sources and this publication is accurate.
However, this publication is not intended to give legal, tax, accounting or other professional advice. We recommend appropriate advice to be taken
prior to initiating action on specific issues.
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BUDGET SYNOPSIS FY 74/75 (FY 17/18) 2
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In Billion
PARTICULARS FY 2074/75 % FY 2073/74 %
ALLOCATION OF FUND
Current Expenditure 803.53 62.83% 617.17 58.84%
Capital Expenditure 335.17 26.21% 311.94 29.74%
Financial Management 140.29 10.97% 119.81 11.42%
Total 1,278.99 100.00% 1,048.92 100.00%
SOURCES OF FUND
Revenue 730.05 57.08% 565.89 53.95%
Foreign Grant 72.17 5.64% 110.89 10.57%
Total Revenue & Grants 802.22 676.78
Total Surplus / (Deficit) (476.77) (372.14)
Defcit Management
Foreign Loan 214.04 16.74% 195.71 18.66%
Internal Loan 145.00 11.34% 111.00 10.58%
Cash Reserve 102.73 8.03% 55.43 5.28%
Principal Repayment 15.00 1.17% 10.00 0.95%
Total 476.77 372.14
Grand Total 1,278.99 100.00% 1,048.92 100.00%
803.53
335.17
140.29
1,278.99
617.17
311.94
119.81
1,048.92
CURRE NT
EXPENDITURE
CAPIT AL
EXPENDITURE
FINANCIAL
MANAGEMENT
T OT AL
EXPENDITURE
I N B I L L I O N
FY 2074/75 FY 2073/74
730.05
72.17
214.04
145.00
102.73
15.00
1,278.99
SOURCES OF FUND
I N B I L L I O N
FY 2074/75 FY 2073/74
BUDGET SYNOPSIS FY 74/75 (FY 17/18) 4
5. DIRECT TAX
• Individual slab rate NOT revised this year
• Corporate tax rate NOT revised this year
• NO changes in TDS rates
INDIRECT TAX
• NO changes in existing VAT rate of 13.00%
• Higher Excise duty on Tobacco & Liquor items
• Additional provision on Custom Schedule
NEW PROVISION
• Sec 2 (Bha)(2), Sec 2 (Ka Nga)(5) of Income Tax Act 2058 defining entity & resident
person respectively has been amended to include Gaupalika, Nagarpalika & Jilla
Samanwyan Samiti in place of VDC, Municipality & DDC.
• Restrictions on Import / Export via courier for certain items
• Import of LCD/ Plasma/LED TV integrated duty of 55.00% to be levied instead of
inch based rates till FY 2073/74
• Newly appointed government employee shall have to contribute towards retirement
fund while drawing salary each months and government shall contribute equal
amount
• Bank account is compulsory for remittance in respect of individual going abroad for
employment
IMPORTANT TARGETS
• Melamchi Water Supply project to be completed this year
• KTM-TERAI MADHES FAST TRACK to be completed in next 4 year
• Minimum one Commercial Bank branch for each Gaupalika
• National Supplier to be formed merging existing National Trading, Food and
Agricultural Equipment Centre etc
• Economic Growth Rate Expected 6.90%
• Inflation Rate Expected Below 6.00%
• Health Insurance to all people within 3 years
IN BRIEF- BUDGET SUMMARY
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BUDGET SYNOPSIS FY 74/75 (FY 17/18) 5
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BASIC TAX RATES FOR NATURAL PERSON
FOR RESIDENT
Assessed as INDIVIDUAL FY 2074/75 FY 2073/74
Up to 3,50,000 1.00% 1.00%
Next 1,00,000 15.00% 15.00%
Above 4,50,000 25.00% 25.00%
Assessed as COUPLE FY 2074/75 FY 2073/74
Up to 4,00,000 1.00% 1.00%
Next 1,00,000 15.00% 15.00%
Above 5,00,000 25.00% 25.00%
NOTES:
• 1% tax mentioned above (i.e. Social Security Tax
or SST) is not applicable for proprietorship firms
and on pension income.
• 40% Surcharge (on Tax Calculated for income
above Rs.25 Lakh) if the total income exceeds Rs.
25 Lakh. This is applicable to proprietorship firm
also. (Effective rate above 25 lakhs is 35.00%)
• In case of resident disabled natural person an
additional 50% of exemption limit shall be allowed
to be deducted.
• 10% tax rebate to resident woman earning
remuneration income only.
• Remote area allowance NRs. 50,000 (Deductible
from taxable Income)
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FOR NON- RESIDENT FY 2074/75 FY 2073/74
NATURE OF TRANSACTION RATE RATE
Income earned from normal transactions. (No slab rates) 25.00% 25.00%
Income earned from providing shipping, air transport or telecommunication services, postage,
satellite, optical fiber project.
5.00% 5.00%
Income earned providing shipping, air transport of telecommunication services through the territory
of Nepal
2.00% 2.00%
Repatriation by Foreign Permanent Establishment. 5.00% 5.00%
ADDITIONAL NOTES:
• Husband and Wife having separate income source are given choice to adopt either to get assessed separately or jointly as family.
• Deduction of Life insurance premium paid to Resident or Non-resident Insurance Company, a sum equal to premium paid or NRs. 20,000/-
whichever is lower.
• Deduction of premium paid for Health Insurance up to Rs. 20,000 is allowed.
• Deduction for retirement fund contribution is available @ 1/3rd of salary or NPR 300,000 whichever is lower (IT Rule 21).
• 1% tax (SST) is required to be deposited separately in Revenue Account No.11211.
• Income from Non-chargeable business assets (i.e. land, buildings and shares) is taxable as follows (Capital Gain):
@ 2.5% (if land or land and building held for more than 5 years) and 5% (if up to 5 years) for transaction value exceeding 30 Lakhs.
@ 10% on sale of shares of non-listed entity
@ 5% on sale of shares of listed entity
• Tax @20% on income from export and tax @15% on income from special industry shall be levied on the income on which 25% tax would have
been charged otherwise.
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BASIC TAX RATES FOR ENTITIES FY 2074/75
NATURE OF BUSINESS RATE
Normal Tax Rate 25.00%
Bank & Finance Company, General Insurance Company, Petroleum entities; Cigarette, Beer, Liquor, Khaini, Gutkha
and Pan masala manufacturing Company
30.00%
Special Industries (Manufacturing, Forest, Agriculture and Mining Industries; except Liquor, Cigarette, Khaini Guthaka
and panparag as defined in Sec. 11) & IT Industries
20.00%
Entities constructing & operating road, bridges, tunnel, ropeway, trolley bus and tram 20.00%
Entity wholly engaged in the projects conducted so as to build public infrastructure, own, operate and transfer (BOOT)
it to the GON & in power generation, transmission, or distribution
20.00%
Non-resident person Providing Shipping, Air Transport or Telecommunications Services in Nepal (sec 70) 5.00%
Private Ltd., Limited, Partnership Firm not specifically mentioned above 25%.
Airline Services having office in and business in Nepal but not operating flights to and within Nepal 2.00%
Export income of Manufacturing Industries 15.00%
Other Export Entities 20.00%
Co-operative Institution registered under Co-operative Act, 2048 (except dealing in exempted transaction) 20.00%
Income of Mutual Funds Exempt
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REBATE ON TAX RATE
FY 2074/75
TYPE OF INDUSTRY TAX REBATE
Industries established in Special Economic Zone situated in mountainous districts and hilly districts
prescribed by Nepal Government.
Tax Exempt for first 10 years,
50% rebate in subsequent year
Industries established in Special Economic Zone situated in other regions.
Tax Exempt for first 5 years,
50% rebate in subsequent year
Income from Foreign technology and management service fee and royalty of Foreign investor in Special
Economic Zone
50.00% rebate
IT industry established within IT Park, biotech park and technology park as specified in the Gazette 50% tax rebate on applicable tax rate
Brandy based on fruits, cider and wine manufacturers in undeveloped area 40% tax rebate for period of 10 years
Entities (Manufacturing, Tourism, Hydro electricity production, distribution and transmission, IT industry
established within IT Park, biotech park and technology park as specified in the Gazette) listed in
Securities Market
15% tax rebate
Entities involved in exploration & extraction of petroleum and natural gases, will start its operation within
Chaitra end 2075.
Tax exempt for first 7 years and 50% of
applicable rate on subsequent 3 years
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REBATE ON TAX RATE FY 2074/75
TYPE OF INDUSTRY TAX REBATE
Person having license to generate, transmit and distribute electricity will be allowed if the commercial electricity generation,
generation and transmission, generation and distribution or generation, transmission, distribution commences before Chaitra
end 2075
Tax exempt for first 7 years
and 50% of applicable rate on
subsequent 3 years
Income earned by manufacturing industries through export sales
25% concession on applicable
rate
Income earned from Road, Bridge, Airport, tunnel way construction and operation or from tram and trolleybus operation
40% concession on applicable
rate
Royalty income earned from export of intellectual Assets
25% concession on applicable
rate
Income earned from the disposal of intellectual assets
50% concession on applicable
rate
Special industry and IT industry providing direct employment to 300 or more Nepali citizens
Special Industry Providing direct employment to 1200 or more Nepali Citizen
Special industry providing direct employment to 100 or more Nepali citizen including women, dalits and disabled in the
proportion of 33%
90% of the applicable tax rate
80% of the applicable tax rate
80% of the applicable tax rate
Special industry operating in following regions have following tax rates for first 10 years: a. Underdeveloped Regions, b.
Undeveloped Regions, c. Partly developed Regions
a.10% of applicable tax rate
b. 20% of applicable tax rate
c.30% of applicable tax rate
Hydropower projects, solar energy projects, waste-toenergy and wind turbines projects commercially start generation of
electricity by Chaitra end 2080
Tax Exempt for first 10 years
and 50% of the applicable tax
rate thereafter for next 5 years
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REBATE ON TAX RATE FY 2074/75
TYPE OF INDUSTRY TAX REBATE
Special Industry with capital investment of NRs. 1 billion and direct employment of 500 people during whole year Further, if existing special
industry increases its installed capacity by 25% and inject new investment so as to reach the capital to NRs. 1 billion and employs 500
persons during the whole year
Tax Exempt for first 5 years and
50% of the applicable tax rate
thereafter for next 3 years
Full exemption on the profit
earned on the increased capacity
and 50% exemption on such profit
for additional 3 years
Tourism Industry or International Airlines Operators with capital investment of NRs. 2 billion. Further, if existing such industry/ Airlines
Operators increases its present capacity by 25% and inject new investment so as to reach the capital to NRs. 2 billion
Tax Holiday for first 5 years from
the date of commencement of
business and 50% tax exemption
for additional 3 years.
Full exemption on the profit
earned on the increased capacity
and 50% exemption on such profit
for additional 3 years
In case special industry, industry based in agriculture and tourism sector provides direct employment to at least 100 Nepalese national during
the whole year,
The effective tax rate shall be
70% of applicable tax rate.
Tax on dividend by Special industry, industry based in agriculture and tourism sector which capitalizes its profit (issues bonus shares) for the
purpose of expansion of capacity of industry.
Exempt
The licensed person or entity commencing commercial production, transmission or distribution of hydroelectricity within Chaitra 2080. The
exemptions shall also be provided to electricity produced through solar, wind or bio fuel energy. Provided that For those that are in
commercial operation on the date of implementation of this provision, the facilities mentioned at the time of granting license shall be
applicable
Full exemption of Income tax for
first ten years and 50% exemption
in income tax for next five years.
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OTHER PROVISIONS:
• The amount of Presumptive Tax for natural person having income up to Rs 2 Lakh and turnover up to Rs 20 Lakh has been continued, as
follows:
• Turnover Tax rate applicable to Natural Person under sec 1(17) of Sch. 1 to Income Tax Act, 2002 as follows:
• Note: Tax as above should be paid in 2 installments. 1st in Poush and 2nd installment in Ashad based on actual transaction up to 20the day of the
month respectively.
INDIVIDUALS CONDUCTING BUSINESS LUMP SUM TAX
In the Metropolitan or Sub-Metropolitan Cities 5,000
In Municipalities 2,500
Anywhere else in Nepal 1,500
PARTICULARS TAX RATE
Person who sales cigarette, gas by adding commission or profit up to 3%
0.25% of the turnover or Rs. 5,000 whichever is
higher
Person who is engaged in the transaction other than above
0.75% of the turnover or Rs. 5,000 whichever is
higher
Person engaged in service providing business
2% of the turnover or Rs. 5,000 whichever is
higher
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TDS CHART FY 2074/75
PARTICULARS RATE
Remuneration (Sec.87) Normal rate of Individual
Investment Returns & Service Fees (Sec.88)
Natural Resource Payment 15.00%
Interest income from deposit up to NRs 10,000 under 'Micro Finance Program', 'Rural Development Bank',
'Postal Saving Bank' & Cooperative (u/s-11(2) in Gaupalikas.
Tax Exempt
Rent - Individuals Hire Charges 10.00% (Final Tax)
Rent – Others 10.00%
Rent payable to the vehicle rental service provider registered in VAT 1.50%
Royalty 15.00%
Gain from Investment Insurance
- In case of death claim Exempt
- In other case 5.00% (Final Tax)
Service Fees 15.00%
Service Fees paid to Service Oriented Resident person registered under VAT or Dealing in Tax exempt
transaction
1.50%
Meeting Allowances 15.00% (Final Tax)
Commission 15.00%
Bonus on Sales/target bonus 15.00%
Aircraft Lease Payment 10%(Final Tax)
Commission paid by Resident Employment Companies to Non Residents 5.00% (Final Tax)
Dividend distributed by Resident Companies to Residents 5.00% (Final Tax)
Dividend distributed by Resident Companies to Non Residents 5.00% (Final Tax)
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TDS CHART CONTINUE FY 2074/75
PARTICULARS RATE
Interest on Deposits / Debentures from Resident Bank, Finance Companies or listed companies and on Govt. Bonds to Individuals not related to
business.
5.00% (Final Tax)
Interest to Others-not stated above 15.00%
Income distributed by Mutual Fund to Natural Person 5.00% (Final Tax)
Payment against use of Satellite, Bandwidth, Optical Fiber, Telecom related equipment or electric transmission line 10.00%
Income distributed by Mutual Fund to Other Person (Entity) 15.00%
Gains from Unapproved Retirement interests 5.00% (Final Tax)
Lump Sum Retirement Payment from Approved Fund & Nepal Government under Sec 65(1b) 5.00% (Final Tax)
Teaching-not on regular basis (Part time teaching) 15.00% (Final Tax)
Casual income 25.00% (Final Tax)
Dividend distributed by Partnership Firm 5.00% (Final Tax)
Gain From Commodities Future Market (Sec 95Ka) Contract Payments (Sec.89)* 10.00%
Payment under contract exceeding Rs.50,000/- Payment to non-resident person under a contract (Sec 89(3)): 1.50%
Payment under service contract to Non-resident 15.00% (Final Tax)
Payment under Repair for Airplane & Other contract 5.00% (Final Tax)
Premium paid to non-resident insurance company 1.50% (Final Tax)
Others:
Gain from disposal of interest in Resident Entity (Sec 95 Ka) For listed as well as unlisted securities for Natural Person (Not applicable to
Resident entity established under prevalent laws for dealing in purchase and sales of securities)
5.00% (Listed)
10.00% (Unlisted)
Others (to be deducted by Security Exchange or Relevant Company and submit return to IRD)
10.00% (Listed)
15.00% (Unlisted)
Capital gain tax on sales of land or land & building owned by natural person (Deducted by Malpot Office)
i) For more than 5 years
ii) For less than 5 Years
iii) In Other cases
2.50%
5.00%
10.00%
Windfall Gain (Windfall gain from Art, Literature, Culture, Sports, Science, Technology, Public Administration amount received up to 5 lakhs-
NIL)
25.00%
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Additional Notes:
• NRs. 50,000/- referred to sec 89 shall be determined by aggregating a payment under a contract with any other payment made by the person
or an associate of the person during the previous ten days under the same contract to the same payee or an associate of the payee.
• No TDS is required to be deducted on the following:
• Payment of remuneration to the writer of the articles published in Newspaper & magazines.
• Payment of remuneration for preparation of question paper or checking of answer sheet
• Interregional interchange charges paid to a bank issuing Credit Cards.
• Interest or fee paid by Nepal Govt., under an agreement, to Foreign Govt. or an international organization (to which Nepal is a party).
• Interest and Dividend paid to Mutual Fund
• No Tax need to be deducted while making following Payments:
• Payment of interest to a resident bank or other resident financial institution
• Payments that are exempt from tax
• General insurance premium.
• Withholding Tax Certificate should be issued to the person from whom tax has been deducted based on the TDS Return filed with IRO to
get the credit for such withholding tax.
• Delay in submission of Tax or Return will attract penal provision as per the Act.
BUDGET SYNOPSIS FY 74/75 (FY 17/18) 17
18. VAT, EXCISE AND CUSTOM RATES FOR FY 2074/ 2075 (FY 2017/18)
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VALUE ADDED TAX (VAT)
• Threshold of VAT on goods remains at NRS 50 Lakhs
• The Threshold for Service and Service and Goods mixed business remains NRS. 20 Lakhs
• VAT Rate remains unchanged at 13.00%
• VAT Refund Facility is available on the followings:
• VAT Refund facility shall not be available in case of bulk sale to another entity and sale to any other industry or to Non-VAT registered
party in case of Oil and Vegetable ghee Industry.
• Education Service fees (In case of Educational Institution) is 1.00% on tuition & admission fess
• Health Service tax (In case of institution providing health service) is 5.00% on health service provided.
PARTICULARS VAT REFUND
Matches (Wooden Stick only), Incense Stick and Tyre-Tubes Industry
100% of VAT collected on Sales less paid on
Purchases
Flour Industry
25% of VAT collected on Sales less paid on
Purchases
Mustard Oil, Vegetable Ghee and other processed edible oil 40% of VAT collected on Sales
Dairy Industry 50% of VAT Collected
Tea Industry 50% of VAT Collected
Copper Industry 25% of VAT Collected
Textile Industry 70% of VAT Collected
Mobile, Phone Set Industry 40% of VAT paid on Purchase/ Manufacture
Sugar Industry 90% VAT Collected
Import of Construction Equipment, machineries and its spares parts by Hydropower
Projects
Exempt
Spares Parts of Jute Industry on recommendation from DOI Exempt
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EXCISE DUTY
• Higher Excise duty on Tobacco & Liquor items proposed this year
TYPES OF GOODS QUANTITY TYPE FY 2074/75 FY 2073/74
15 up Liquor (48.5% Alcohol)
Litre 1003 912
L.P.Litre 1180 1073
25 up Liquor (42.79% Alcohol)
Litre 748 680
L.P.Litre 997 906
30 up Liquor (39.94% Alcohol)
Litre 697 634
L.P.Litre 996 906
40 up Liquor (34.23% Alcohol)
Litre 350 321
L.P.Litre 583 535
50 up Liquor (28.53% Alcohol)
Litre 144 132
L.P.Litre 288 265
70 up Liquor (17% Alcohol)
Litre 28 26
L.P.Litre 95 88
RS Spirit (in Litre) Liter 55 50
ENA Spirit (in Litre) Liter 58 50
Denatured Spirit (in Litre) Liter 12 10
Un Denatured ethyl Alcohol (in Litre) Litre 55 50
Beer made from malt (in Litre) Liter 115 106
Domestic production of Wine from local ingredients (Up to 12.00% Alcohol) Liter 80 74
cigarette (70 mm non filter) M 374 346
cigarette (70 mm filter) M 859 795
cigarette (70-75 mm filter) M 1116 1024
cigarette (75-85 mm filter) M 1456 1336
cigarette (Above 85 mm filter) M 2055 1868
Readymade Tobacco Gutkha & Pan masala kg 462 420
Lime Tobacco kg 253 230
Sweet nuts & others kg 171 155
Molases Qutl. 55 50
cyder Domestic product ltr 119 108
Raw Materials of Liquor,Rum, whisky, wine, vodka, Brandy Including spirit Ltr. 127 115
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CUSTOM DUTY
• Restrictions on Import / Export via courier for certain items
• Import of LCD/ Plasma/LED TV integrated duty of 55.00% to be levied instead of inch based rates till FY 2073/74
YEARLY VEHICLE TAX
PRIVATE VEHICLES FY 2074/75
Car, Jeep, Van, Micro Bus:
Up to 1000 CC 19,000
1001-1500 CC 21,000
1501-2000 CC 23,000
2001-2500 CC 32,000
2501-2900 CC 37,000
Above 2900 CC 53,000
Dozer, Excavator, Loader, Roller, Tripper, Crane 35,000
Mini Tipper 25,000
Auto, 3 Wheeler, Tempo, Tractor, Power Tiller:
Auto Rickshaw, 3 Wheeler & Tempo 5,000
Tractor 4,000
Power Tiller 3,000
Mini Truck / Mini Bus 22,000
Truck / Bus 30,000
Motor Cycle:
Up to 125 CC 2,500
126 CC – 250 CC 4,000
251 CC – 400 CC 8,000
Above 400 CC 15,000
PUBLIC VEHICLES 2074/75
Car, Jeep, Van, Micro Bus
Up to 1300 CC 8,000
1301-2000 CC 9,000
2001-2900 CC 11,000
2901-4000 CC 13,000
Above 4000 CC 15,000
Dozer, Excavator, Loader, Roller, Tripper, Crane 17,000
Auto, 3 Wheeler, Tempo, Power Tiller
Auto Rickshaw, 3 Wheeler & Tempo 4,000
Tractor 2,500
Power Tiller 2,000
Mini Truck / Mini Bus 12,000
Truck / Bus 16,000
Mini Tipper 14,000
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COMMERCE & TRADE FOCUS AND ALLOCATION
LOCAL LEVEL BUDGET
• Allocation of budget to Local level NRs. 225.05 Billion.
EARTHQUAKE REHABILITATION
• NRs. 146.18 Billion Allocated for expenditure via
National Reconstruction Authority
ROAD CONSTRUCTION
• NRs. 89.50 Billion for roads constructed besides local authority
• NRs. 5.54 Billion for Thankot Naubise Tunnel way initiation
• NRs. 3 Billion for Roads at Terai Madhes to link up with the East West
Highway
• NRs. 3.15 Billion for Dharan-Gaighat-Sindhuli-Hetauda road
• NRs. 7.11 Billion for Narayanghat- Butwal road to extend to four lanes
• NRs. 2.56 Billion for enhancement of Munglin-
Narayanghat road
• NRs. 2.90 Billion for extension to 6 lanes at Rani-Itahari- Dharan,
Jatahi-Janakpur, Birgunj-Pathlaiya, Belahiya-Butwal & Mohana-
Attariya roads
• NRs. 4.27 Billion for Hulaki Rajmarga
• NR. 10.14 Billion for KTM-Nijgadh Fast track
ENERGY SECTOR
• Energy Sector got budget of NRs. 62.47 Billion
FOR TOURISM DEVELOPMENT
• 3 International Airport (NIJGADH, POKHARA and GAUTAM
BUDHHAAIRPORT (Total Budget NRs. 13.72 Billion).
REINSURANCE AND SECURITIES
• Reinsurance to be done compulsorily with Nepal Reinsurance
Company Limited
• Nepal to be a member of International Agency for Regulating
Securities
EDUCATION
• NRs. 66.12 Billion for Education related program
HEALTH
• NRs. 31.78 Billion allocated for Health related programs
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IMPORTANT DEADLINES THIS YEAR
BUDGET SYNOPSIS FY 74/75 (FY 17/18) 25
PARTICULARS TAX PAYMENT RETURNS FILING DUE DATE REMARKS
Income Tax
Annual*
(Advance tax schedule is given
below)
Annual Ashoj end
• within 3 months from close of FY. i.e. Ashoj end of every
year, although extension of 3 months may be requested.
• Individuals who only have income from employment are not
required to file tax returns whose remuneration income does
not exceed NRs 40 Lakhs.
VAT Returns Monthly Monthly 25th of every Month
Tax Liability for the month is to be paid within 25th
of
subsequent month
Excise Returns Monthly Monthly 25th of every Month
E-TDS Returns Monthly Monthly 25th of every Month
Education Service Fee Quadrimistre "Chaumashik" Quadrimistre "Chaumashik" 25th of end of period Tax liability for the period is to be paid within 25 days from end
of every periodHealth Service Tax Quadrimistre "Chaumashik" Quadrimistre "Chaumashik" 25th of end of period
ADVANCE TAX IS TO BE DEPOSITED AS FOLLOWS:
PARTICULARS DUE DATE QUANTAM OF TAX
1st Installment Poush End
40 percent of the total
estimated tax liability for
the year
2nd Installment Chaitra End
70 percent of the total
estimated tax liability for
the year
Final Installment Ashad End
100 percent of the total
estimated tax liability for
the year
VARIOUS OTHER DUE DATE
Annual Audit within 6 Month of Close of FY
AGM within 6 Month of Close of FY
AGM within 6 Month of Close of FY
Annual Return Filing – Public Co. within 30 Days from AGM Date
Annual Return Filing – Private Co. within 6 Month of Close of FY
26. FOR MORE CORRESPONDANCE CONTACT
B.R. SINGH & ASSOCIATES
Chartered Accountants
Audit | Compliance | Taxation
Head Office: 4th Floor, Everest Bank Building, Bagdole, Lalitpur, Nepal
E: info@brsa.com.np | T: +977-1-6226783 | W: www.brsa.com.np
Branch Office: Itahari-1, Paschim line, East of Khetikhola, Sunsari, Nepal
M: +977-9852063791 | E: info@brsa.com.np
ELITE BIZ CONSULTING
Private Limited
Account & Finance Staff Recruitment | Business Advisory Services
Head Office: 4th Floor, Everest Bank Building, Bagdole, Lalitpur, Nepal
E: recruit.ebconsulting@gmail.com | info.ebconsulting@gmail.com | T: +977-1-6226783 |
Branch Office: Itahari-1, Paschim line, East of Khetikhola, Sunsari, Nepal
M: +977-9852063791 | E: info.ebconsulting@gmail.com
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