Finance Minister Swarnim Wagle on Friday presented the budget for fiscal year 2026-27 in the federal parliament, announcing a series of administrative reforms and tax measures.

Presenting the budget at a joint session of Parliament, Wagle announced that individuals with an annual income of up to Rs1 million would be exempt from personal income tax.

He said the government had carried out a “broad review” of tax rates while preparing the new fiscal plan.

Addressing lawmakers during the budget speech, the finance minister said the “vicious cycle of political instability” in Nepal had come to an end.