Nepal Bankers’ Association pushes for major tax reforms in upcoming budget
The Nepal Bankers’ Association has urged the government to revise over a dozen provisions of the Income Tax Act in the upcoming budget, proposing lower tax rates, reforms in loan-loss provisioning, and relief measures for banks and taxpayers. Key recommendations include revising the definition of "normal interest rate" to the bank rate, making CSR expenses fully tax-deductible, and increasing the threshold for tax-deductible donations. The association also seeks changes to allow full loan-loss provisions as deductible expenses and tax exemptions for employee financial assistance.
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