Kathmandu, July 27 : The Kathmandu Metropolitan City (KMC) has issued an appeal to taxpayers, urging them to pay taxes for their businesses within the specified time.

According to the notice released by the Department of Revenue of the KMC, taxpayers are encouraged to promptly settle their tax dues to avail of the discount facility. The KMC has announced exemptions in property tax, rental tax, and business tax.The notice states that a 10 percent exemption will be granted on the tax amount of the current fiscal year if paid before January 14, 2024.

Additionally, a generous 30 percent discount will be offered to taxpayers who operate hotels, resorts, or movie theaters either on their land or through lease arrangements within the metropolitan city. This exemption applies to property tax, provided the arrears are paid by mid-January 2024. Furthermore, the property tax for parking lots of buildings specifically constructed for commercial vehicle parking will be exempted for a period of 10 years from the date of the building’s completion.

Under the ‘One Ward, One Model Industry’ program, industries or enterprises are eligible for a 95 percent discount on business tax and registration fees for three years from the date of industry or business registration.

In an effort to promote inclusive growth, a 40 percent tax exemption on the total tax amount is provided to industries, businesses, companies, organizations registered under the names of women, indigenous nationalities, Dalit communities, people with disabilities of any age group, and youths below 35 years of age. This benefit applies to entities with capital investments up to Rs 500,000 if they pay their taxes before January 14, 2024.

Similarly, regular taxpayers will receive a 25 percent tax exemption, while individuals who are permanent residents of the Kathmandu Metropolitan City will enjoy a 50 percent tax exemption if they settle their taxes within the stipulated date.