Nepal's Finance Minister, Dr. Prakash Sharan Mahat, delivered the Budget for the fiscal year 2023/24 (2080/81 Nepal year) on 29 May 2022. The main tax measures include: The introduction of a new top individual income tax rate of 39% on income exceeding NPR 5 million; The extension of the VAT tax period for small VAT payers from 1 month to 4 months; The introduction of a 2% luxury tax on: services provided by 5-star and higher luxury hotels and resorts; imported liquor; and precious ornaments valued at more than NPR 1 million; The introduction of a 5% foreign tourism tax...