WAIVERS OF TAX, PENALTY & INTEREST (Budget 2073/74)

Important Highlights on waivers of Tax, penalty and Interest for Nepalese citizens and corporate citizens, Organizations (Budget 2073/74)

– Income Tax Return and tax for F.Y 2071-72, Advance Tax and Return for F.Y. 2072-73 which is to be submitted up to Poush End 2072 can be submitted within Ashwin 2073. Any interest, additional fees and fines regarding late submissions are waived.


– Similarly TDS Amount and Return, Excise Amount and Return, Service Charges, Health Tax, Education Tax and Cinema Development Tax to be submitted for the period Shrawan 2072 to Falgun 2072 can be submitted within Ashwin 2073. Any Interest, Additional fees and fines regarding late submissions are waived.


– Saving and Credit Co-operatives operating within the municipalities established during the F.Y. 2071/72 are exempted from Income Tax for the F.Y. 2071/72. Any amount of income tax paid by them for the F.Y. 2071/72 can be set off against Income Tax Liability for the F.Y. 2072/73.


– Small Enterprises having Turnover up to 1 Crores are now exempted from auditing their Books of Account. Only the Financial Statements signed by the Proprietors/Owners will suffice.


– In respect of Goods, which were inspected and cleared from custom point during the period Bhadra 2072 to Falgun 2072 but failed to import in Nepal, any amount to be paid as demurrage, detention or parking for such delay in foreign land, left to be included for custom valuation, any duty to be paid on such charges shall be waived. However, such amount can be claimed as expenses for the F.Y. 2073/74 on the basis on evidence provided.