Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Bagmati province government has introduced a new policy that offers a generous 90 percent discount on fines in an effort to address the issue of unpaid taxes on public vehicles older than 20 years.
The declaration was made on Friday during the release of the provincial government’s budget for the ensuing fiscal year 2023–2024 by Bahadur Singh Lama (Tamang), the minister in charge of economic affairs.
According to Minister Lama, the 90 percent discount will be applied to fines paid by owners of public vehicles up until mid-March 2024, which corresponds to the Nepali calendar month of Falgun. According to the budget statement, if the taxes and renewal fees are paid by the end of mid-February for public vehicles that are 20 years old and no longer in service because they have completed 20 years of registration at the Transport Management Offices of Bagmati Province, the penalties assessed will be reduced by 90%. The relevant offices will also deduct the price of the vehicles from their expenses.
The majority of the nation’s automobiles are found in the province of Bagmati. Older vehicles have continued to be used despite government policies to phase them out.
A policy allowing tax exemption for those interested in switching their diesel or gasoline engines to electric power has also been introduced by the provincial government as part of its efforts to encourage vehicle owners.
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