Bagmati government offers tax and fine waivers in new budget

The Bagmati provincial government has introduced special provisions for tax and fine exemptions in the budget for the fiscal year 2083/84.

On Monday, while presenting the budget for 2083/84 at the Bagmati Provincial Assembly, Minister for Economic Affairs and Planning Prabhat Tamang outlined the special provisions related to tax and fine exemptions. The government has arranged for a complete waiver of fines for industries/businesses that registered their firms but did not renew them, provided they pay the renewal fees up to the fiscal year 2082/83 by the end of Poush 2083. This waiver applies to fines incurred before the fiscal year 2081/82.

The government has also announced that owners of public (rental) vehicles that are 20 years or older will receive a 100% waiver on fines if they pay the outstanding taxes and renewal fees for up to 20 years by the end of Poush 2083. Following this, the vehicle registration will be canceled.

Driving training centers, workshops, and reconditioning houses that have not renewed their licenses will receive a 100% waiver on renewal fees and fines for periods before the latest one if they pay the fees by the end of Poush 2083.

Minister Tamang also announced a 50% exemption on land registration fees. This exemption continues for land purchased in the name of domestic investment in hydropower, tea, coffee, cotton, flower businesses, vegetable farming, livestock, dairy, cardamom, herbal, and fruit industries. Additionally, a 50% exemption is provided for land registered under the name of domestic collective farming industries.

A 50% exemption on land registration documents is also offered for the establishment of production-based and information technology industries, excluding domestic tobacco, gutkha, pan parag, and alcohol-related industries. Industries that provide direct employment to more than 300 people by establishing or expanding production-based industries will also receive a 50% exemption on land registration fees. This exemption continues for land documents approved in remote areas of Himalayan districts within the province.

For families of martyrs and disappeared persons from the people’s movement, armed conflict, and Madhes movement, all types of fees and charges on documents granting ownership are fully waived.

A 25% exemption on land registration fees is provided for persons with disabilities, Dalits, backward, minority, and marginalized individuals. Women, senior citizens over 70, and orphans will also receive a 25% exemption on land registration fees for property registered in their names.

Single women will receive a 35% exemption on registration fees for documents granting ownership. Similarly, a 35% exemption is provided for documents granting ownership of land within rural municipality areas registered in the name of women.

Minister Tamang stated that land registration fees, service charges, and mortgage fees are fully waived for land purchased by landless, freed Kamaiya, and freed Haliya families through concessional loans and grants.