The Nepal Government's Financial Proposal 2081, as presented by Finance Minister Barsa Man Pun, introduces a significant change. It mandates the collection of a 3% education service fee for students planning to study abroad.
The other provisions of the Education Service Fee are as follows;
Education Service Fee:
(1) A three percent Education Service Fee will be levied and collected on the foreign currency exchange amount provided to students going abroad for studies.
(2) Banks or financial institutions providing foreign currency exchange facilities as per sub-clause (1) shall deposit the collected Education Service Fee within the 25th of the following month to the government revenue account and submit details along with the information to the concerned revenue office.
(3) If any bank or financial institution fails to deposit the Education Service Fee amount within the timeframe mentioned in sub-clause (2), they will be liable to pay interest at the rate of fifteen percent annually.
(4) In case a student who availed the exchange facility and paid the Education Service Fee under sub-clause (1) is unable to go abroad for studies and requests a refund of the foreign currency and the Education Service Fee, the Department of Internal Revenue shall return the amount through the concerned bank following the procedures established by the department.
(5) The Department of Internal Revenue will determine the Education Service Fee administration.
