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Silver Heritage gets US$34mln offer for Nepal ops


Boutique Asian casino operator Silver Heritage Group Ltd says it has received a US$33.9 million offer to buy its Nepal casino “operations”. The firm operates the purpose-built Tiger Palace Resort Bhairahawa (pictured), and also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal. The offer, from an individual called Indra Bahadur Thapa, placed a US$33.9-million ... Read More »

Nepal-Georgia Ink MoU on Trade Expansion, Diplomat Visa Fee Waiver


Nepal inks another important bilateral cooperation deal, this time with Georgia. The Nepal Chamber of Commerce and Georgian Chamber of Commerce and Industry signed a MoU on trade expansion and investment promotion. Nepal Chamber of Commerce President Rajesh Kazi Shrestha and Georgian Chamber of Commerce President and Industry signed the bilateral agreement on July 22, 2019 in the presence of ... Read More »

World Bank Extends USD 11 Billion in Financial Aid to Nepal


The World Bank (WB) has lifted its hand to support Nepal again. This time, it has renewed its support to Nepal under the Second Programmatic Fiscal and Public Financial Management Development Policy Credit Project. In a move supporting Nepal’s efforts towards fiscal federalism and developing public financial management, WB offered the country a grant of NPR USD 100 million for ... Read More »

US Raises Concern Over Increasing North Korean Business Activities in Nepal

Donald Trump Visits Turnberry Golf Club

Voicing concern over growing business activities of North Koreans in Nepal, the US has asked the Nepal government not to entertain North Koreans in the country stating that Nepal as a member of the UN should respect the decision taken by the global body to impose sanctions on the country. Mark Lambert, special US envoy for North Korea, who is ... Read More »

India, Nepal to amend trade treaty

Pravir-Pandey-3 (1)

The Indo-Nepal Treaty of Trade and Transit will be amended soon to include waterways as a mode of cargo transport to enhance connectivity between the two countries. According to Pravir Pandey, Chairman, Inland Waterways Authority of India, currently the Indo-Nepal treaty of 1991 only allows movement of cargo by road and rail between the two countries. Need for amendment “We ... Read More »

Govt unlikely to change income tax slabs


KATHMANDU: The government, which is under pressure to meet the revenue target for this fiscal year, is unlikely to make any changes in the income tax slabs. The private sector had suggested the government to bring down the corporate income tax by five percentage points and also revise the individual income tax citing that it was necessary to boost the ... Read More »

Nepal-India Investment Expo 2019: ‘Visit Nepal Year 2020, A Good Opportunity’


In a move encouraging India-Nepal business cooperation, Nepal Finance Minister Yubaraj Khatiwada urged Indian businessmen to invest in Nepal. Khatiwada said this at the ‘Nepal-India Franchise Investment Expo and Conclave’ held in Kathmandu on May 15, 2019. Commending Nepal as a suitable investment destination, the Minister told Indian industrialists that the Oli Government has created a conducive and secure environment ... Read More »

‘ADB is focusing on bigger, transformative projects in Nepal’

Photo: THT

The Asian Development Bank has approved loans and grants of $5.8 billion and technical assistance of $0.2 billion for Nepal since 1966. But Nepal has not been able to utilise a big portion of funds made available, with cumulative loan and grant disbursements standing at $3.6 billion. The Manila-based multilateral lender has long been saying weak governance has prevented Nepal ... Read More »

12 Indians arrested for running networking business in Nepal


KATHMANDU: Police have arrested 12 Indian nationals on suspicion of running illegal networking business. Police arrested them from Hotel Yak and Yeti, Durbarmarg while they were holding a meeting. A team of Nepal Rastra Bank, Revenue Investigation Department and Central Investigation Bureau arrested them. They have been kept in custody and further investigation was underway, police said. Read More »

IRD urges firms, individuals to deposit taxes


At a time when government is under pressure to meet the revenue collection target for the current fiscal year, the Inland Revenue Department (IRD) has started using various measures to collect revenue from the market. Along with market inspection, IRD has also started to publish notices citing names of large tax payers who are yet to clear their tax dues ... Read More »

Asia’s economies can fight off trade war


The economies of Southeast Asia, China, Japan and South Korea are expected to remain “resilient” in the face of heightened trade tension and stronger global headwinds, a regional body said. While growth in the region should ease to 5.1 per cent this year from 5.3 per cent in 2018, robust consumption and trade between the economies will be supportive, the ... Read More »

Indonesian ‘Belt and Road’ high-speed rail link expects $18 billion from satellite towns

A map illustrating China's silk road economic belt and the 21st century maritime silk road, or the so-called "One Belt, One Road" megaproject, is displayed at the Asian Financial Forum in Hong Kong, China January 18, 2016. REUTERS/Bobby Yip/Files

JAKARTA: The Indonesian-Chinese consortium building a high-speed rail link between the capital Jakarta and the textiles hub of Bandung expects to earn $18 billion developing satellite towns and industrial centres along the line, a company official said. The rail project, part of Beijing’s Belt and Road Initiative (BRI) to connect China with Asia, Europe and beyond was described last month ... Read More »

Nepal Police arrests Indian national for possessing contraband drugs


An Indian national has been arrested near Nepal-India border and over one kilo narcotic drugs recovered from his possession, police said on Sunday. The man has been identified as 60-year-old Kalim Thakur. He was arrested from Jirabhawani area in Parsa district near Nepal-India border, police said, adding that 1.5 kg of contraband drugs have been recovered from his possession. Read More »

Four Indians arrested in Nepal for smuggling gold


Four Indian nationals were arrested on Sunday from the national capital’s Tribhuvan International Airport for allegedly trying to smuggle nearly 6 kgs of gold, police said. The four were arrested as soon as they landed from a Thai International Airlines aircraft from Bangkok at the airport here. “Police have confiscated from them 5.8 kgs of gold,” a bulletin issued by ... Read More »

‘Nepal can be bridge for India-China trade’


“Nepal could be a corridor to move goods between India and China that cuts down transport time and saves money. It is in a fantastic position to create a win-win situation for all three,” Vaidya said. He pointed out that Nepal borders the lesser developed parts of both neighbours,” Suraj Vaidya, a past president of Nepal’s industry chamber FNCCI said ... Read More »

Five individuals charged with evading revenue worth Rs169.28 million


The Department of Revenue Investigation on Sunday filed a case against five individuals at Kanchanpur District Court on charge of evading revenue of Rs169.28 million while smuggling 32kg of gold from India. The defendants in the case are Laxman Tiruwa, Suraj Tiruwa, Sarita Tiruwa, Indira BK and Shankar Bahadur BK who have been accused of revenue evasion while smuggling the ... Read More »

Indian arrested for possessing hashish in Nepal


An Indian national was arrested here and four kilo hashish recovered from his possession on Sunday, police said. The 43-year-old man has been identified as Shubhanarayah Shah, a resident of Bihar’s Motihari town. He was arrested from Shankaracharya gate at Birgunj area and 4 kg of the contraband was recovered from his possession, police said. Read More »

Nepal seeks investment from Malaysia, Singapore


The Nepal government and private sector representatives visited Malaysia and Singapore this week to learn about reforms, investments, and growth in those countries, and to highlight foreign investment opportunities in Nepal ahead of the Nepal Investment Summit on March 29 and 30. The delegation, hosted by the Malaysia and Singapore offices of World Bank Group, met with Malaysian Finance Minister ... Read More »

Registration of social sites must for tax purpose: Minister Banskota

Gokul Prasad Baskota, Minister of Information and Communications. Photo: Balkrishna Thapa/ THT

Amid criticism that the government is preparing to control the operation of social networking sites by making it necessary for them to register in the country, the government has clarified that registration of social networking sites is necessary to bring them under the tax net of the government. Addressing a discussion programme on Information and Technology Bill that has been ... Read More »

Pay Pending Taxes: SC to Top Nepali Telecom Cos


In a milestone move, the Nepal Supreme Court (SC) ordered telecom operators Ncell and Malaysia-based Axiata to pay ‘capital gains tax’ worth NPR 61 billion to the Nepal Government. The decision was reached by a five-member large full-bench including newly-appointed Nepal Chief Justice Cholendra SJB Rana and Justices Ananda Mohan Bhattarai, Meera Khadka, Bishwambhar Shrestha and Tanka Mokta. The justice-delivery ... Read More »