May 31, Kathmandu- Now information technology (IT) companies earning foreign exchange will get a 50 percent tax exemption on income received. This provision was made in the Economic Bill 2080 which was presented to the Federal Parliament on Monday.

It is mentioned in the bill that companies operating information technology-based business processing, outsourcing, software programming, cloud computing, and other services in Nepal will get a 50 percent discount on income tax for the next five years.

"If foreign currency is earned by exporting IT-based services, such person will be taxed at 50 percent to the extent of the income received in foreign currency up to the financial year 2084/85," the bill states.