Kathmandu. Finance Minister Dr. Yuvaraj Khatiwada has announced to give special exemption in income tax to small industrialists and businessmen in the budget of the fiscal year 2077/78. The budget of the Fiscal Year 2077/78 has given a large amount of income tax exemption to small, home and small scale industrialists and entrepreneurs. Arrangement has been made to give 75 percent discount to the taxpayers transacting up to Rs 2 million, 50 percent to the taxpayers transacting from Rs 2 million to Rs 5 million and 25 percent to the taxpayers transacting from Rs 5 million to Rs 10 million.

The income tax exemption period for micro-enterprises has been extended by 2 years to 7 years and micro-enterprises run by women entrepreneurs have been extended by 3 years to 10 years. The government has waived customs duty on machinery and raw materials imported by small, home and small scale industries, agriculture, animal husbandry, animal treatment and mask making industries and agricultural equipment imported by agricultural farms and companies and seeds, rice, maize, wheat and vegetable seeds. The airline, transport service, hotel, travel and trekking businesses most affected by the corona have been given a 20 per cent rebate on income tax on the current year's income statement. In the forthcoming budget, tourism, transport businessmen and movie houses have been made quadruple by increasing the period of filing value added tax returns and taxes.