Overview of Nepal Budget 2018-19 (2075-76)
As per the notice published, any Tax relating to Rental Income of a Natural person should be collected by the respective Local Body & Income tax Department should not collect Tax on Rent relating to Income of Natural Person.
There has been amendment in the old Labor laws and new Labor Law 2074 is effective from 2074-05-19. Highlight of major changes in the new law is provided herewith.
1% of Net Profit should be Compulsory provided for Corporate Social Responsibility by Certain Type of Industry with the amendment in Industrial Enterprise Act. Extract of respective section of Industrial Enterprise Act is attached herewith.
A new section 136 (ka) from 2074-01-19 has been added in the companies Act 2063 for voluntary liquidation of the companies which are not into operation or companies which have not submitted the documents under Section 80 (AGM & Auditor's Report). Time limit for liquidation is 2 years from the date on which this section came into effect and fees to be paid to OCR is 0.5% of Paid up capital or Fine u/s 81, whichever is lower.
Clarification on Calculation of Capital Gain Tax on Sale/Disposal of Land/Building.
Amendment in the VAT form prescribed by IRD.