Cabinet Meeting Decision: Advance tax on share gains decreased, preparation for temporary housing for flood victims

September 17, Kathmandu.

The Cabinet meeting held on Wednesday decided to approve the ‘Rules on Simplification and Digitalization of Government Decision-Making Process, 2083’. Government Spokesperson Sasmit Pokharel, while announcing the decisions of the meeting, informed about important decisions made under various ministries.

Based on the proposal of the Ministry of Finance, the advance tax rate on gains from the disposal of securities of entities listed on the Nepal Stock Exchange has been reduced. For natural persons, an advance tax of 3.5 percent will be levied on gains from securities held for more than 365 days, and 5 percent on gains from securities held for 365 days or less.

Previously, an advance tax of 7.5 percent was levied on gains from securities held for more than 365 days, and 10 percent on gains from securities held for 365 days or less.

The meeting decided to promote Gajetted First Class Officers Thagendra Kattel, Ramprasad Bhattarai, and Baburam Dahal of the Judicial Group of Nepal Judicial Service to Gazetted Special Class.

Similarly, it has been decided to issue an order to grant power of attorney to Saudi civil legal professionals to proceed with legal action regarding insurance compensation for Nepali citizens who died or were injured in Saudi Arabia, and to advance the insurance compensation process.

Upon the proposal of the Ministry of Land Management, the Cabinet also decided to approve the ‘Revolving Relief Fund Operating Procedure, 2083’. Additionally, it was decided to promote Joint Secretary Kaliprasad Parajuli of the Nepal Administrative Service to the post of Secretary of Gazetted Special Class.

The government has announced that it has expedited preparations to arrange temporary housing for citizens displaced by the recent floods. According to Government Spokesperson Pokharel, efforts are underway to relocate flood victims currently housed in holding centers to temporary shelters.

He stated that the Ministry of Land is actively searching for potential land to relocate citizens whose houses and land have been completely damaged.

The government also stated that the Ministry of Health is providing free health treatment to flood-affected citizens.

The Ministry of Education and Sports is collecting details of children who lost their parents, in coordination with local levels in flood-affected Nuwakot and Rasuwa.

According to Pokharel, preparations are underway to provide residential education with full scholarships to children who lost both parents or one parent due to the floods. He informed that relevant local units have been asked to provide details so that the ministry can take full responsibility for such children.

He also stated that the Ministry of Women and Children is advancing necessary work to take responsibility for women and children who have lost their guardians.

Following the disruption of schooling in schools due to floods and landslides, the government has launched temporary learning centers. These temporary learning centers have been established to ensure the continuity of education for students from damaged schools.

The government stated that necessary details and records are being collected for the reconstruction of damaged schools. Spokesperson Pokharel said that details are also being collected for students who need to be transferred to a nearby school immediately, arrangements are being made for students who need to be brought to Kathmandu, and for students who need to be transferred to institutional schools.

For More: Cabinet Decision Share Tax