Government Offers 10-Year Tax Holiday for Agro-Processing Industries

Kathmandu — Finance Minister Dr. Swarnim Wagle has announced various provisions for tax concessions, exemptions, and facilities through the budget.

Wagle said customs duty has been exempted on the import of raw materials brought in the name of industries producing artificial limbs and disability-assistive materials within Nepal.

The Finance Minister said arrangements have been made to allow a deduction of up to Rs 10,000 for income tax purposes on the insurance of residential buildings.

He said a provision has been made so that no capital gains tax will be levied on amounts up to the government valuation prescribed for property registration when acquiring land for the operation of development and construction projects.

Wagle said arrangements have been made for a full income tax exemption for the first ten years for agro-processing industries, and a value added tax exemption on the import of machinery and equipment, including cold stores, packaging, and testing labs.

The Finance Minister said taxpayers who comply with tax obligations will be given high honour, facilities, and a simplified working process.