Cabinet Meeting Decision: Advance tax on share profit reduced, preparation for temporary housing for flood victims

September 17, Kathmandu.

A Cabinet meeting held on Wednesday decided to approve the ‘Government Decision Process Simplification and Digitization Regulations, 2083’. Government Spokesperson Sasmit Pokharel, while making the meeting’s decisions public, provided information about important decisions under various ministries.

Upon the proposal of the Ministry of Finance, the advance tax rate on profits derived from the disposal of interests of entities listed on the Nepal Stock Exchange has been reduced. It has been decided to set an advance tax of 3.5 percent on the profit amount of interests held for more than 365 days for natural persons, and 5 percent on the profit amount of interests held for 365 days or less.

Previously, an advance tax of 7.5 percent was levied on the profit amount of interests held for more than 365 days, and 10 percent on profits for periods of 365 days or less.

The meeting decided to promote Gazetted First Class officers of the Nepal Justice Service’s Justice Group, Thagendra Kattel, Ramprasad Bhattarai, and Baburam Dahal, to Gazetted Special Class.

Similarly, it has been decided to issue an order to grant a power of attorney to a Saudi civilian legal practitioner 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.

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

The government has announced that it has initiated preparations to arrange temporary housing for citizens displaced by the recent floods. According to Government Spokesperson Pokharel, the work of transferring flood victims currently housed in holding centers to temporary shelters is underway.

He stated that the Ministry of Land is searching for potential land where citizens whose homes and properties have been completely damaged can be relocated.

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 have lost their parents, in coordination with local levels in flood-affected Nuwakot and Rasuwa.

According to Pokharel, preparations are underway to arrange residential education with full scholarships for children who have 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 moving forward with necessary work to take responsibility for women and children who have lost their parents.

After studies in schools were affected by floods and landslides, the government has established temporary learning centers. These temporary learning centers have been set up 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 informed that details are also being collected for students who need to be immediately transferred to nearby schools, 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