Kathmandu-The government has announced a major revision to the country’s income tax structure, doubling the individual income tax exemption threshold to Rs 1 million.
Presenting the budget for the upcoming fiscal year 2026/27 at a joint session of the Federal Parliament, Finance Minister Dr. Swarnim Wagle said that individuals earning up to Rs 1 million annually will now be subject to only a one percent income tax rate.
The government has also reduced the maximum individual income tax rate by 10 percentage points as part of its broader tax reform initiative.
According to the Finance Minister, the revised tax policy aims to provide relief to taxpayers, increase disposable income, and encourage economic activity in the coming fiscal year.
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