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The government has reduced custom duties and Value Added Tax (VAT) on various products in a bid to increase export and control inflation, Nagarik daily reported.
A recent cabinet meeting endorsed finance ministry's proposal to revise various tariffs on the request of various organisations including Federation of Nepalese Chamber of Commerce and Industries (FNCCI).
The government has reduced the import duty on soybean, palm olive and sunflower crude oil from existing 5 percent to 2.5 percent and also decided to reimburse partially VAT collected from companies manufacturing cooking oil in the country. Likewise, the import duty on soybean, ground nut and sunflower seeds has been reduced to 1.6 percent from existing 8 percent.
Such provision will not be applicable to companies which import refined oil and only package it in Nepal.
Likewise, the government has also decided to waive 50 percent tax on the export of ‘Peena’ (the remains from an oil-seed after extracting oil) and Khayer Kaththa.
The import duty on various materials used for Research and Development of drugs and medical equipments including Electro-cardiograph, syringe and quality testing apparatus has been reduced from existing five percent to one percent.
The government has stipulated the import duty on sailboats at 1 percent. Earlier, tax on such products was 12 percent when imported from SAARC countries and 15 percent when imported from other countries.
The tariff for liquor sellers outside Kathmandu valley has been stipulated 35 percent.
The government has also reduced income tax for self-employed individuals across the country. Individuals doing a business in metropolitan and sub-metropolitan will now have pay Rs 3500 as tax compared to Rs 5000 in the past.
Likewise individuals doing business in municipality areas will have to pay Rs 2000 and those doing business in other places will have to pay Rs 1250.
The latest decision is expected to reduce the market price of some consumer products including cooking oil. nepalnews.com
A recent cabinet meeting endorsed finance ministry's proposal to revise various tariffs on the request of various organisations including Federation of Nepalese Chamber of Commerce and Industries (FNCCI).
The government has reduced the import duty on soybean, palm olive and sunflower crude oil from existing 5 percent to 2.5 percent and also decided to reimburse partially VAT collected from companies manufacturing cooking oil in the country. Likewise, the import duty on soybean, ground nut and sunflower seeds has been reduced to 1.6 percent from existing 8 percent.
Such provision will not be applicable to companies which import refined oil and only package it in Nepal.
Likewise, the government has also decided to waive 50 percent tax on the export of ‘Peena’ (the remains from an oil-seed after extracting oil) and Khayer Kaththa.
The import duty on various materials used for Research and Development of drugs and medical equipments including Electro-cardiograph, syringe and quality testing apparatus has been reduced from existing five percent to one percent.
The government has stipulated the import duty on sailboats at 1 percent. Earlier, tax on such products was 12 percent when imported from SAARC countries and 15 percent when imported from other countries.
The tariff for liquor sellers outside Kathmandu valley has been stipulated 35 percent.
The government has also reduced income tax for self-employed individuals across the country. Individuals doing a business in metropolitan and sub-metropolitan will now have pay Rs 3500 as tax compared to Rs 5000 in the past.
Likewise individuals doing business in municipality areas will have to pay Rs 2000 and those doing business in other places will have to pay Rs 1250.
The latest decision is expected to reduce the market price of some consumer products including cooking oil. nepalnews.com
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