Gagan pledges major personal income tax reforms after election
Thapa pledged that individuals earning up to Rs 1 million annually would be exempt from income tax.
KATHMANDU: President of the Nepali Congress, Gagan Kumar Thapa, has announced sweeping reforms to Nepal’s personal income tax system if his party forms the government after the elections scheduled for March 5.
Addressing the party’s election manifesto assembly held in Kathmandu on Thursday, Thapa pledged that individuals earning up to Rs 1 million annually would be exempt from income tax.
He also promised to reduce the maximum personal income tax rate from the current 30 percent to 25 percent.
Thapa said the party plans to simplify all tax rate structures to make the taxation system more transparent and citizen-friendly.
“Foreign investment will not come to Nepal just because of speeches. We must bring reforms in our policies,” he said. “We commit to exempting personal income up to Rs 1 million from tax.”
He further stated that his party remains committed to the effective implementation of the Constitution and policy reforms aimed at transforming Nepal into an attractive destination for foreign investment.
