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One percent advance tax on income earned from social media

The government is going to charge a one percent advance tax on the payment of money earned from social media. On Friday, Finance Minister Janardhan Sharma said this while presenting the budget replacement bill.

Speaking, Minister Sharma said, ‘If a resident natural person who is not involved in business operations has received foreign currency payment for providing software or other electronic services of a similar nature outside Nepal or for uploading audio-visual content on social networks, the relevant banks, financial institutions or money transfer organizations I have arranged to collect advance tax at the rate of 1 percent of the amount received while providing such payment.’

He also said that all the taxes and duties to be paid at the customs point will be arranged through the electronic system.

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