The second group of 18 officers of the Government of Nepal has started their training on ‘Anti-Money Laundering and Countering Financing of Terrorism’ at the National Academy of Customs, Indirect Taxes and Narcotics (NACIN), Bengaluru (Karnataka) on 21 October 2019.
The Asian Development Bank (ADB) has released a new 5-year Country Partnership Strategy (CPS) for Nepal that lays out ADB’s support to help the country achieve its goal for a stronger and more inclusive economy.
The government has decided to accept the grant amounting to over Rs 2.71 billion to be provided by the World Bank for effective implementation of the School Sector Development Programme (2016-2023).
The business fraternity has urged the government to come up with policies and programmes in a way that encourages investors. In view of enabling an environment for investment in the country, they called for all three tiers of the governments to collaborate with the private sector in the areas of industry and tourism.
The government will import 20,000 metric tonnes of sugar targeting upcoming festivals like Dashain, Tihar, and Chhath. A Cabinet meeting held in the second week of September gave permission to the Food Management and Trade Company Limited and Salt Trading Corporation Limited to import 10,000 metric tonnes of sugar each on 50 percent custom discounts.
The Department of Revenue Investigation has reached court, seeking actions against three companies charged of tax avoidance. The Department has sought the court's support to reclaim around Rs 362.4 million from the alleged perpetrators.
Chief Ministers of different provinces, at the Nepal Investment Summit 2019, has urged domestic and foreign investors to inject investment in different sectors in their respective provinces.
Finance Minister YubarajKhatiwada today said that Nepal has developed a conducive environment for doing business and investment. Citing that all foreign firms in the country have been making at up to 25 percent return against the global average of 10 percent, Khatiwada said that Nepal is a better option for investors in terms of rate of return.
Minister for Culture, Tourism and Civil Aviation YogeshBhattaraitoday urged foreigners to invest in Nepal citing that the country has become a favorable destination for investment at present.
Speakers at a session in the Nepal Infrastructure Summit 2019, which kicked off in Kathmandu today, said that Nepal can achieve its desired economic growth and development goals through the development of infrastructures.
The Federation of Community Forestry Users Nepal has expressed their concerns about the government imposing exorbitant taxes on community forests. The FECOFUN has also warned of a protest against tax increment on community forests by the governments of all the three levels - federal, state and local. .
Milk shortage has taken a toll all over the nation as the dairy industries have cut down their production by 30 percent. The ongoing lean months and the halt in imports of Skimmed Milk Powder (SMP) from India have resulted in the shortage of milk in the industry, according to the diary producers.
Nepal has a trade deficit with 134 nations and surplus with only 23 nations out of the total 157 nations, the country was engaged with in bilateral trade.