0.query: What are the budget highlights?

0.result: The budget highlights include the following:

1. Budget Objectives:

• Achieving wide, sustainable, and inclusive economic growth
• Assuring quality social development, security, and justice
• Developing an investment-friendly environment and alleviating poverty through income and job creation
• Maintaining overall stability of the economy
• Strengthening the federal system and maintaining good governance
• Increasing the effectiveness of public expenses by improving the budget system

2. Budget Priorities:

• Development of agricultural, energy, and tourism sectors
• Investment promotion, industrial development, and trade balance
• Development of the social sector and social security
• Construction of quality physical infrastructure
• Promotion of digital and green economy
• Environment conservation, climate change, and disaster management
• Human resource development and job creation

3. Key Figures:

• Total Expenditure: Rs. 1,751.31 billion
• Current Expenditure: Rs. 1,141.78 billion
• Capital Expenditure: Rs. 302.07 billion
• Financial Provision: Rs. 307.45 billion
• Province & Local Level Expenditure (included in current): Rs. 400.08 billion

4. Sources of Fund:

• Tax Revenue: Rs. 1,248.62 billion
• Foreign Aid: Rs. 49.94 billion
• Foreign Loan: Rs. 212.75 billion
• Domestic Loan: Rs. 240 billion

Please note that these are just highlights and more detailed information can be found in the budget document.

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0.query: What is the income tax?

0.result: Income tax is a tax imposed by the government on the income earned by individuals and entities. It is a percentage of the income that individuals and entities are required to pay to the government. The income tax law in Nepal has specific provisions for different types of income, such as employment income, business income, investment income, and windfall gains. The tax rates vary based on the level of income. Residents are taxed on their worldwide income, while non-residents are taxed only on income sourced from Nepal. The Inland Revenue Department administers income tax in Nepal.

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0.query: Give me the summary of the document.

0.result: The document is a booklet called "Nepal Tax Facts 2023/24" that provides an overview of the taxation system in Nepal based on the Finance Bill 2023 (2080). It is intended as a quick reference guide for clients and does not include details of the relevant legislation. The booklet includes information on budget highlights, taxes by the Finance Bill, special proposals from the Act, amendments in the Income Tax Act, income tax provisions for 2023/24, registration requirements, value-added tax returns, payment of value-added tax, VAT credit, tax returns, fees and interest, tax assessment, appeal and review, renewal of tax exemption certificate, amendments in value-added tax, and major provisions and changes in value-added tax. The document also includes a disclaimer stating that Baker Tilly does not bear any loss incurred due to decisions made based on the information in the booklet and advises obtaining specific professional advice before taking any action.

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