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Kathmandu, July 17 With the commencement of the fiscal year 2023/24 , the government has implemented various tax-related arrangements that were announced previously. These arrangements encompass changes in tax policies, rates, and regulations that will impact individuals, businesses, and other entities during the fiscal year. As per the revised provision in the Income Tax Act 2002 , individuals who earn more than Rs 5 million annually will be charged 39 per cent income tax. This change took effect on July 17. Previously, individuals earning above Rs 2 million were charged 36 per cent income tax. The government has also introduced a luxury tax for the first time. Through this, the government has imposed a 2 per cent tax on services provided by high-end hotels, restaurants and resorts. In addition, the government has also imposed a luxury tax at the rate of 2 per cent on precious metals worth more than Rs 1 million. According to the government’s budget announcement, the same tax r...