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Nepal

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About

Nepal

Capital
Official languages
Population 
Currency

ISO 4217

Kathmandu

Nepali

Approximately 29 million

Nepalese Rupee

NPR

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Economy

"Nepal's economy has been steadily growing in recent years, with a GDP growth rate of 6.9% in 2019. This growth was driven by strong performance in the services sector, which accounted for 54.2% of the country's GDP. The industrial sector also contributed significantly to the economy, accounting for 28.2% of GDP. Agriculture, which is the mainstay of the Nepalese economy, accounted for 17.6% of GDP.

The country's exports have also been increasing, with exports reaching $2.3 billion in 2019. The main exports include garments, carpets, and textiles. Nepal also imports a significant amount of goods, with imports totaling $7.2 billion in 2019. The main imports include petroleum products, machinery, and electrical goods.

Nepal's unemployment rate has been steadily decreasing in recent years, with the rate standing at 3.2% in 2019. The country's inflation rate has also been relatively low, with the rate standing at 4.2% in 2019.

Overall, Nepal's economy has been performing well in recent years, with strong growth in the services and industrial sectors. The country's exports have also been increasing, while the unemployment and inflation rates have been relatively low."

Taxation

In Nepal, both individuals and corporations are subject to taxation. The tax system in Nepal is governed by the Income Tax Act, Value Added Tax Act, and other related regulations.


For individuals, income tax rates are progressive, with higher income earners being taxed at higher rates. The income tax rates for individuals range from 1% to 36% depending on the level of income earned.


For corporations, the standard corporate tax rate is 25%. However, certain industries are eligible for reduced tax rates or tax holidays.


The tax year in Nepal runs from mid-July to mid-July of the following year. Taxpayers are required to file their tax returns by the end of the seventh month of the tax year, which is typically in mid-February. 


Tax payments can be made in installments throughout the year, with the final payment due at the time of filing the tax return. Taxpayers can make their tax payments through the online tax portal, bank transfers, or by visiting the tax office in person. The tax authorities in Nepal also have the power to conduct tax audits and investigate cases of tax evasion.

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