Govt sets advance tax on capital gains from listed entities at 3.5 pc, 5 pc

KATHMANDU: The government has set advance tax rates on gains from the disposal of interests in entities listed with the Securities Board of Nepal (SEBON).

The advance tax rate has been fixed at 3.5% for capital gains made by natural persons who have held ownership for more than 365 days. A rate of 5% will apply to gains involving ownership held for 365 days or less.

During a Cabinet meeting at the Office of the Prime Minister and Council of Ministers in Singha Durbar on Wednesday, the government also decided to promote four joint secretaries to secretary or special-class posts in the government service, according to government spokesperson Sasmit Pokharel.

Kali Prasad Parajuli of the administration service, alongside Thagindra Khattel, Ram Prasad Bhattarai and Baburam Dahal of the judicial service, have been promoted to secretary-level posts.

In addition, the government decided to initiate legal proceedings to help Nepali citizens injured in Saudi Arabia obtain insurance payments and compensation. A power of attorney will be granted to a legal practitioner holding Saudi Arabian citizenship for the process.

The Cabinet also endorsed the Regulation on Simplification and Digitalisation of the Government Decision-making Process, 2083, and the Circular Relief Fund Operation Procedure, 2083.