Kathmandu. Finance Minister Bishnu Prasad Poudel has given more discounts to electric vehicle dealers. The government has announced that the companies assembling electric vehicles in Nepal will not be charged income tax for five years.
Amending section 11 of the Income Tax Act, 2058 BS, Minister Poudel has made it mandatory for industries assembling electric charging stations and electric vehicles in Nepal not to charge income tax for five years.
Sub-section 3 ((r) of Section 11 states, “An industry producing and assembling electric powered vehicle charging machines shall be exempted from income tax for five years from the date of commencement of business.” Now, industries assembling electric vehicles in Nepal will not have to pay tax for five years of their profits.
Finance Minister Poudel has waived VAT on charging stations from the budget. They have also refused to increase taxes on electric vehicles.
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