Securities Act 2063

Chapter 24 Miscellaneous

Section 143 : Repeal, amendment and saving
1) The Income Tax Act, 2031 and the House and Land Rent Tax Act, 2023 are hereby repealed.
2) The following Acts are hereby amended as follows:
a)
1
………
b) Amendment to the Employee Provident Fund Act, 2019: The words “no tax of any kind except income tax shall be levied” shall be substituted for the words “no tax of any kind shall be levied” contained at the end of clause (b) of Section 18 of the Employee Provident Fund Act 2019.
c) Amendment to the Nepal Petroleum Act, 2040: Clause (c) of Section 13 of the Nepal Petroleum Act, 2040 is hereby deleted.
d) Amendment to Section 29 of the Retirement Fund Act, 2042: The words “no tax of any kind except income tax shall be levied” shall be substituted for the words “no tax of similar other kinds shall be levied” contained in Section 29 of the Retirement Fund Act, 2042.
e) Amendment to Section 51 of the Citizen Investment Fund Act, 2047: Section 51 of the Citizen Investment Fund Act, 2047 is hereby repealed.
f) Amendment to Section 30 of the Nepal Academy for Science and Technology Act, 2048: Section 30 of the Royal Nepal Academy for Science and Technology Act, 2048 is hereby repealed.
g) Amendment to Section 15 of the Industrial Enterprises Act, 2049:
(1) Clauses (c), (d), (e), (j), (l), (p), (q), (r), (s), (t) of Section 15 of the Industrial Enterprises Act, 2049 are hereby deleted.
(2) The words ” respectively thirty, twenty-five and twenty percent on the income tax until ten years of the date of operation and” are hereby deleted.
h) Amendment to the Foreign Investment and Technology Transfer Act, 2049: Sub-section (1a.) of Section 5 of the Foreign Investment and Technology Transfer Act, 2049 (1992) is hereby deleted.
i) Amendment to the B. P. Koirala Health Science Institute Act, 2049: The word “Income Tax” contained in the second line of Section 21 of the B. P. Koirala Health Science Institute Act, 2049, is hereby deleted.
j) Amendment to the Tribhuvan University Act, 2049: sub-section (2) of Section 33 of the Tribhuvan University Act, 2049 is hereby deleted.
k) Amendment to the Electricity Act, 2049:
(1) The word  “Income Tax” contained in the heading of Section 12 of the Electricity Act, 2049 is hereby deleted.
(2) Sub-sections (1), (2), (3), (4), (5) and (6) are hereby deleted.
l) Amendment to the Pokhara University Act, 2053: Sub-section (2) of Section 36 of the Pokhara University Act, 2053 is hereby deleted.
m) Amendment to Section 18 of the B. P. Koirala Memorial Cancer Hospital Act, 2053: The word “Income Tax” contained in sub-section (1) of Section 18 of the B. P. Koirala Memorial Cancer Hospital Act, 2053 is hereby deleted.
n) Amendment to the Town Development Fund Act, 2053: Section 24 of the Town Development Fund Act, 2053 is hereby repealed.
o) Sub-section (1) of Section 34 of the Telecommunications Act, 2053 is hereby repealed.
3) All acts and actions performed under the Acts or Sections of the Acts repealed or amended pursuant to sub-section (1) or (2) shall be deemed to have been performed under this Act.
4) The provisions of the Income Tax Act, 2031 shall apply to the provisions relating to the assessment and collection of income tax for the income year prior to the commencement of this Act.
1 Removed by the Republic Strengthening and Some Nepal Laws Amendment Act, 2010
Note: (1) Words converted by Some Nepal Law Amendment Act, 2063:
“Government of Nepal” instead of” His Majesty’s Government”
(2) Words converted by the Administration of Justice Act, 2073:
“High Court” instead of “Appellate Court”