First Business News Portal in English from Nepal
KATHMANDU: The government has decided to reduce excise duty on the electronic vehicles.
The Cabinet meeting held today decided to amend the Financial Act 2077 and bring down excise duty being levied on electric vehicles.
According to a high level officials at the Ministry of Finance, excise duty on electric cars has been reduced based on capacity of the cars. While 80 per cent excise duty has been exempted on electric cars up to 50 kilowatt 75 per cent excise duty exemption has been decided for electric cars with 51 to 100 kilowatt capacity.
Similarly, 70 per cent excise duty has been relaxed on cars with capacity of 101 to 150 kilowatt, 25 percent excise duty exemption has been given for electric cars with capacity of more than 150 kilowatt.
Earlier, the government had imposed 30 percent to 70 percent excise duty on electric vehicles through Financial Act of the current fiscal year.
Meanwhile, the government has also exempted VAT on penstock pipes used in hydropower projects and on raw materials of some medicines. The government has also reduced customs duty on wheat to 5 percent from 10 per cent.
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