Nepal's Finance Minister, Janardan Sharma, delivered the Budget for the fiscal year 2022/23 (2079/80 Nepal year) on 29 May 2022. The main direct tax measures include: An increase in the basic allowance for personal income tax purposes to NPR 500,000 for individuals and to NPR 600,000 for couples; An increase in the maximum amount of deductible insurance premiums for personal income tax purposes to NPR 40,000; A 40% income tax exemption for 5 years for new operations established to manufacture or assemble four-wheeled electric vehicles; A 1% tax on the income of persons earning foreign exchange receipts from the provision...