Nepal Confirms Income Tax Rates for the 2023-24 Year

On 2 June 2023, the Inland Revenue Department (IRD) of Nepal published a series of tax notices regarding the fiscal year 2023/24 (2080/81 Nepal year), including certain measures of the Budget for fiscal year 2023/24. Among others, this includes the following notices on the income tax rates for natural persons and legal entities:

• The rate of income tax for natural persons for 2023/24 (2080/81), which includes the following brackets/rates:
  • up to NPR 500,000 (up to 600,000 for couples) - 1%
  • o…