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New Taxes Being Introduced from Today Fiscal New Year

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With the start of the new financial year on Monday, new taxes are being implemented on various goods and services. The Economic Act 2080 has introduced three new taxes from Monday and has also made many changes in the existing tax rates.

From July 1, the luxury fee, foreign employment service fee, and foreign tourism fee will be implemented. A 2 percent luxury fee has to be paid when taking services from five-star and above hotels, which the government defines as luxury goods and services.

Similarly, when importing alcohol, a 2 percent luxury tax will be charged at the customs point, while consumers will have to pay the same rate of service tax even if they buy diamond, pearl, stone-studded gold or precious metal jewelry worth more than 10 lakh rupees.

Similarly, when a travel agency sells a foreign tour package or a firm or company takes a person affiliated with it on a foreign tour for business promotion, it has been arranged that five percent of the foreign tourism fee will be charged on the payment amount.

With this arrangement, there is a risk of double taxation when companies purchase packages and send them abroad to their affiliates.

Similarly, it has been arranged that one percent of the amount collected by the manpower company from the person going for foreign employment must be deposited as foreign employment service fee. This will make the fees for foreign employment more expensive.

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