Nepal Budget for 2022-23FY: Major decisions in 14-points

KATHMANDU: The government has brought a budget of Rs 1.793 trillion for the upcoming fiscal year, almost 10 percent more than the budget for the current fiscal year.

Finance Minister Janardan Sharma has allocated Rs 753 billion for current expenditure, Rs 380 billion for capital expenditure and Rs 230 billion for financial management.

Below are the major 25 points announced by the budget for 2022-23 fiscal year:

  1. Rise in salary of civil servants by 15 percent.
  2. Old age allowance to be distributed from the age of 68 years which is expected to add Rs 20 billion additional financial burden to the government.
  3. Announcement to bring down price of petroleum products.
  4. Only one percent tax will be levied on singles up to Rs 500,000 and up to Rs 600,000 on couples. Earlier, it was Rs 4 lakh for singles and Rs 4.5 lakh for couples.
  5. One family, one induction stoves policy to promote energy consumption.
  6. Rs 5,000 per month allowance for kidney, cancer and spinal cord paralysis patients.
  7. 90 percent reduction in customs duty on sanitary pads.
  8. Rs 442 billion grant to province and local level.
  9. Reduction in minimum FDI limit to Rs 20 million.
  10. Decision to allow foreigners to purchase apartments in Nepal.
  11. Eight percent cash subsidy on steel, cement, footwear and water exports.
  12. Government offices disallowed to purchase new vehicles in 2022-23.
  13. Electrical vehicle assembling factory to get 40% tax deduction for 5 years.
  14. Eight percent economic growth target for 2022-23.
Fiscal Nepal |
Monday May 30, 2022, 01:23:00 PM |

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