Kathmandu: In an effort to promote timely tax compliance, the Kathmandu Metropolitan City (KMC) has issued a request to all taxpayers, urging them to fulfill their tax obligations within the specified deadlines. To incentivize prompt payments, the Department of Revenue of the KMC has introduced an array of discount facilities applicable to various tax categories.

The notice outlines several attractive offers, including exemptions in property tax, rental tax, and business tax. Taxpayers who pay their tax amount for the current fiscal year by January 14, 2024, will benefit from a generous 10% exemption.

Additionally, for taxpayers operating hotels, resorts, or movie theaters on their own land or on leased property within the metropolitan city, an exceptional 30% discount on property tax with arrears will be provided if paid by mid-January 2024.

Furthermore, for buildings constructed primarily for commercial parking of vehicles, the property tax for the parking lot will be waived for a remarkable period of 10 years from the date of completion of the construction.

The KMC is also supporting the 'One Ward, One Model Industry' program by offering a substantial 95% discount on business tax and registration fees for industries or enterprises registered under the initiative, for a period of three years from the date of registration.

In an effort to empower specific communities, the KMC is providing a 40% tax exemption on the total tax amount for industries, businesses, companies, organizations registered under names of women, individuals from indigenous nationalities and Dalit communities, people with disabilities of all age groups, and youths below the age of 35, who were not covered by taxes in the Fiscal Year 2080-81 BS. This exemption applies to entities with capital investments up to Rs 500,000, provided they pay their taxes before January 14, 2024.

Moreover, regular taxpayers can avail themselves of a 25% tax exemption if they pay their taxes within the specified timeframe. However, for permanent residents of Kathmandu Metropolitan City, an even more appealing 50% tax exemption on the total tax amount awaits them if paid within the stipulated date.

The KMC emphasizes the importance of meeting tax obligations promptly and reaps the benefits of the various discount facilities offered. By adhering to the deadlines, taxpayers not only support the growth and development of the city but also take advantage of substantial savings through these attractive tax incentives.