Category: Finance

Telecommunications service providers directed to pay tax, royalty

22 July, Kathmandu: The Finance Committee of the Legislature Parliament has directed the Nepal Telecommunications Authority (NTA) to ensure easy, accessible and quality telecommunications and internet services. Committee’s Chairperson Prakash Jwala said that the concerned bodies were directed to immediately expand telecommunications services in 15 rural municipalities that are out of telecommunications connectivity so far. The Committee has also directed the Ministry of Information and Communications to bring telecommunications policy and amend the Telecommunications Act and Regulations in the same manner. Jwala said that the government has been directed to apply scientific measures to receive tax revenue and non-tax...

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Power generation from Upper Madi increases

19 July, Pokhara: The Upper Madi Hydropower Project based in Sildujure of Kaski has increased its capacity to generate power. The power generation of 25-MW capacity hydro project was reduced to 8 MW due to damage caused by the heavy rainfall on last June 26. With the operation of its two turbines, the power production has increased to 24 MW from the project, shared Project Coordinator Raj Kumar Baral. He added that the power generated from the project has been linked to the national grid. Baral further informed that the full-fledged power production has started on July 16 after...

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KMC approves Rs 10 billion buget for new fiscal year

16 July, Kathmandu: The Kathmandu Metropolitan City has approved a budget of Rs 10.78 billion for the fiscal year 2017/18. KMC stated that this budget has been approved from the Finance Bill unanimously by the KMC town assembly held today. The KMC has estimated income of Rs 4.36 billion under internal income tax, Rs 2.12 billion under the non-tax income and Rs 3.16 billion under the internal income grants. The bill also states that the collection of vehicles tax will be made more effective in coordination with the Office of Transport Management. Likewise, entertainment tax has been placed in...

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Milk production worth Rs 70 million recorded in Arghakhanchi annually

15 July, Sandhikharka: Arghakhanchi district has emerged to become another self-reliant district for milk production, recording sales of milk worth Rs 70 million on average annually. There are more than 100 milk producers groups in the district where mostly youth are involved into the commercial husbandry of cows and buffaloes, according to the District Livestock Service Office (DLSO), Arghakhanchi. Of the total production, a majority of the production is consumed in the district itself while some amount is sent to the neighboring districts as Palpa and Gulmi, shared Bishnu Poudel, veterinary doctor at the DLSO office. According to him,...

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40 % complete in Rasuwagadhi hydropower project

15 July, Rasuwa: At least 40 % of the construction of Rasuwagadhi Hydropower Project in northern Rasuwa has completed as of now. According to project engineer Nagendra Gywali, the 111 Megawatt project has seen the construction of water dam, sand filter pond and tunnel and powerhouse side by side. The project hd resumed its works since November 2016 following the earthquake. The project to be completed within two years is expected to annually generate 644 million units of electricity. Technicians involved in the project said that the project would generate annual income of Rs 3.5 billion....

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PAC instructs Finance Minister to immediately collect CGT from Ncell

13 July, Kathmandu: The Public Account Committee (PAC) under the Legislature-Parliament has directed the Finance Ministry to obtain capital gains tax from Ncell, a privately owned mobile network operator in Nepal, at the earliest. Today’s PAC meeting took a decision to this effect, asking the Ministry to collect Rs 60.71 billion Ncell has to pay in CGT as determined by Large Taxpayers’ Office (LTO) on June 27 and relay the information of the matter to the PAC. The PAC also directed the Ministry and the LTO to provide information about details of the company like how many times its...

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KMC to cancel contract with Kathmandu View Tower Construction Company

12 July, Kathmandu: Kathmandu Metropolitan City (KMC) is to cancel the contract with Kathmandu View Tower construction Company, citing the company has not forwarded works even after one year after the agreement. KMC Spokesperson Gyanendra Karki said that the KMC is going to cancel the contract of the construction company, Jaleshwor Swochchhanda Bikoi Builders Pvt Ltd, after the construction company failed to submit progress details of the view tower that it has been constructing at old bus park in Kathmandu. Karki said that although the KMC had asked the construction company to submit progress details of the construction carried...

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Cabinet meeting decides to provide Rs 25,000 relief amount to flood victims

10 July, Kathmandu: The government has decided to provide a relief amount of Rs 25,000 to each family victimised by the flooding in Saptari. Today’s meeting of council of ministers held at the Office of Prime Minister at Singha Durbar also decided to provide Rs 1.5 million in soft loan for managing accommodation for the victims. The decision in this regard followed the pledge, made by Prime Minister Sher Bahadur Deuba during his recent inspection at various flood-hit areas in the district, to provide a relief amount of Rs 25,000 each to the victim family and provide up to...

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Monetary policy for FY 2074\75 made public

9 July, Kathmandu: Nepal Rastra Bank (NRB) today publicized a monetary policy for the fiscal year 2074\75 BS amid a programme in the Capital. Speaking at the event, NRB governor Dr Chiranjibi Nepal shared that monetary policy has prioritized agriculture, tourism, energy, small and cottage industries and liquidity management. Likewise, a NRB official said Nepal’s economic growth rate is satisfactory. “Nepal’s balance of payment is satisfactory, financial imbalance is decreasing and there is positive change in economy,” he said. The NRB said investment would be made in prioritized projects by using monetary instruments to achieve a 7.2 percent economic...

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Pashupati area engaging 540 million in people’s investment

9 July, Kathmandu: A huge sum of people’s investment – around Rs 540 million – has been used in the development of the Pashupati area in the period of past four years. At a press conference organized by Pashupati Area Development Trust (PADT), Member Secretary, Dr Govinda Tondon, spoke of the advent of a transparent working system through administrative reformation. The Trust’s officials who were appointed on July 9, 2013, said an exemplary work had been accomplished in infrastructure development during the period for promotion of religious tourism. The construction of an attractive garden at Bhandarkhal – in the...

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