The government has made a comprehensive review of taxes.
Presenting the budget in a joint meeting of the federal parliament, Finance Minister Swarnim Wagle announced an increase in the personal income tax limit.
He said that the ceiling of the income tax has been expanded to Rs. 10 lakh for an individual, that means no income tax up to the annual income of Rs. one million for an individual. The government has stated that the income tax limit has been expanded with the aim of restructuring the tax bracket and providing relief to the middle-class citizens.
Meanwhile, customs duties have been reduced on 273 types of industrial raw materials. Excise duties on 360 goods have been abolished, and various scattered taxes have been consolidated into a single green tax.
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