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Announcement of a three-year tax exemption for employers providing jobs to twenty people

Business NewsAnnouncement of a three-year tax exemption for employers providing jobs to twenty people
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Kathmandu: The Kathmandu Metropolitan City has announced that starting from the next fiscal year, businesses that provide employment to at least 20 people will receive a 100% exemption on business taxes for the first three years.

On Friday, while presenting the policies and programs for the upcoming fiscal year 2081/82, Mayor Balendra Shah made this announcement. He stated that at least 30% of the required workforce for development and construction projects implemented by the Metropolitan City will be supplied through the city’s labor bank.

Additionally, he mentioned that the transactions of cooperative institutions within the metropolitan area will be integrated into an electronic system to make them more organized.

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Presenting the policies and programs, Mayor Shah said, “New businesses that directly employ at least 20 people will receive a 100% tax exemption for the first three years. At least 30% of the workforce required for development and construction projects implemented by the Metropolitan City will be supplied through the city’s labor bank.

Transactions of cooperative institutions within the metropolitan area will be integrated into an electronic system to make them more organized. A Cooperative Information Center will be established to effectively manage savings collection, loan disbursement, and institutional governance.”

The Metropolitan City has adopted a policy to make sports mandatory from the pre-primary level for the mental and physical development of students. The policy and program mention that at least one counselor and one nurse will be provided at all resource centers. Additionally, it is stated that arrangements will be made to operate pre-primary classes in at least two levels.

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