Tax Rates on Individual Income and Freelancers | Tax Saving Tips in Nepal

Tax Rates in Nepal | Tax Rates and Tax Benefits on Income of Employees | Tax on Slab Rate on Salary Income | Tax for Freelancers Income | Tax on Sharemarket and Realestate Gain | By CA. Suraj Dhakal

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Suraj Dhakal is a professional CA, Business Consultant, And Business Coach. He started sharing business strategies and business content to bring revolution in the startups and businessmen with a mission to convert dream business from busyness into a real business. He begins with a simple concept of business where you will find every aspect of your business. It is applicable to every business, be it big or small.

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I have made content regarding applicable tax rates in Nepal including examples applicable for individual income from employment, freelancing work, and capital gain taxes on for short-term and long-term share market gain, short-term and long-term real-estate gain etc. I have included content related to tax deductions available for individual employees while calculating the final income taxes like insurance benefits, incapacitated benefits, contribution-based benefits like benefits for social security-based contributions, benefits for other recognized contribution-based deductions. I have also included deductions available for employment in remote areas, and female tax rebates for those who have only employment income. I have also described in detail about employment tax benefits available for individuals and a couple benefits on income taxes.

The income tax system in Nepal is administered by the Inland Revenue Department (IRD) under the Ministry of Finance. The tax system is based on a progressive tax structure, which means that individuals and businesses are taxed at increasing rates as their income increases. This is intended to ensure that those who earn more contribute a greater proportion of their income to the government.

In the fiscal year 2079/80 (2022-23), the tax threshold slabs have been updated as per the budget speech. The updated tax rates and rules apply to both individuals and couples as well as businesses.

This rate will be applicable from the beginning of the Nepali fiscal year 2080/81. The fiscal year in Nepal starts on the 1st of Shrawan month. The Shrawan month starts at mid of July.

In addition to that, the finance bill 2080/81 (Finance Act) also contains other changes in the slabs of the taxable income. According to it, any income above Rs. 500,000 per annum in case of individual assessment and Rs. 600,000 per annum in case of couple assessment up to an additional 200,000 will be subject to 10% income tax.

The 10% slab covers income up to Rs 700,000 in case of individual assessment and Rs 800,000 in case of couple assessment. Similarly, for the next Rs. 300,000 income above 10% slab will be subject to 20% income tax.