KATHMANDU, July 27: Kathmandu Metropolitan City (KMC) has urged the city dwellers concerned to pay their business taxes within the specified period. The Department of Revenue of KMC has issued a notification and requested all those concerned to pay the tax on time and also get a discount.
The metropolis has requested them to take advantage of the exemptions on property tax, recovery tax, and business tax to be paid/remitted. It is mentioned in the notice that those who regularly pay property, business and fixed taxes will get a 10 percent discount on the tax amount of the current fiscal year if they pay it by the end of December.
Similarly, in the case of taxpayers who own real estate in the name of hotels, resorts or movie theaters operating within the metropolitan area, or those who have built hotels, resorts or movie theaters on rent, there is an additional 30 percent discount if they pay the property tax with arrears before the end of December 2023.
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It is said that if a building is constructed for the purpose of commercial vehicle parking, the property tax will be exempted for 10 years from the date of construction of the building. Under the 'One Ward, One Model Enterprise' program, there is a provision of 95% discount on the business tax and registration fee to be paid by the industry or business for three years after its registration.
In the current fiscal year 2023/24, any woman, indigenous people, Dalit, or disabled individual, as well as youth below the age of 35, who has registered a business, industry, company, or institution with an investment of up to Rs 500,000, will receive a 40% tax exemption if they submit their tax returns within December 2023. Additionally, for regular taxpayers, there will be a 25% tax exemption on the taxable amount. However, it is mentioned in the notice that individuals residing permanently in Kathmandu Metropolitan City will be eligible for a 50% tax exemption.
