”We have created an environment where even young people who have just finished college can remain in Nepal with dignity, earning tax-free income even if they are earning around one lakh rupees a month while staying in Nepal,” he said.
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Finance Minister Swarnim Wagle claimed that the budget for the upcoming fiscal year brought by the government will lay the foundation for policy reforms in the country's economy and instill hope in the young generation.
Speaking at a 'post-budget' discussion organized by the Nepal Association of Economic Journalists (NAFEJ) on Monday, Wagle said that the budget is focused on creating an environment where young people who have just completed their studies can earn up to one lakh rupees per month with self-respect in their own country.
'We have created an environment where even young people who have just completed their college studies can remain in Nepal with dignity by earning tax-free income even if they are living in Nepal and earning around one lakh rupees per month,' he said.
Terming the income tax exemption of up to one million rupees as a 'revolutionary' step, Finance Minister Wagle expressed confidence that this will increase the flow of money in the market and keep the economy moving. He also clarified that a policy has been adopted to convert savings into investment by reducing the 39 percent tax levied on the high-income group by 10 percentage points.
