Finance Minister Claims Price Reduction on Cars Up to 50 Lakhs

Kathmandu. Finance Minister Swarnim Wagle has claimed that the price of cars up to 50 lakhs will decrease. He stated at the post-budget interaction program of the Nepal Economic Journalists Association that tax has only increased on luxury vehicles. 

He said that although significant discounts were given to increase the penetration of electric vehicles a few years ago, taxes are now being levied as per the need. 

‘Currently, riding electric vehicles worth up to 1 crore is a luxury. Everyone must accept this,’ said Finance Minister Wagle, ‘The Prime Minister had instructed not to increase taxes on vehicles below 50 lakhs. The intention was that increasing taxes on vehicles above 50 lakhs would not make much difference.’

He stated that auto traders appeared stressed after the Auditor General raised questions when vehicles were imported based on kilowatts. He said that auto traders also felt relieved when taxes were levied based on price instead of kilowatts. 

He said that electric vehicles are not completely clean energy and the issue of battery management is complex.