KATHMANDU, Aug 15: Parliament’s Finance Committee on Tuesday issued directions to the government to take the lead in solving the chronic problem of multiple taxation by the three tiers of government, as well as the exorbitant hike in tax rates.


The committee has stated that multiple taxing of the same economic activity by the different tiers of governments overlooks the sheer inability of citizens to pay those taxes.The direction has come amid panic among the public and the business community over the multiple taxation and high rates of tax.

The committee had discussed the matter in two rounds of meetings with Finance Minister Yuba Raj Khatiwada and Finance Ministry officials as well as officials of the Prime Minister’s Office, the National Natural Resources and Fiscal Commission and the National Planning Commission, on Sunday and Tuesday. The committee has also asked the government to do a study of the matter as well as make arrangements for immediate revisions in the tax policies, laws and bylaws.

The new tax rates by governments at the central, provincial and local levels came into effect with the new fiscal year. The parliamentary committee has also said that it will continue with discussions on the matter. Meanwhile, the committee has asked the government to start making appointments to the constitutional bodies, including the National Natural Resources and Fiscal Commission. The commission came into operation in December but its commissioners have not yet been appointed. The commission is to advise the government on revenue distribution as well as budget allocation to all three tiers of government through four types of grants.


The committee has also asked the government to give the inter-governmental fiscal council full shape. The council coordinates fiscal arrangements among the three government tiers, as per the Intergovernmental Fiscal Arrangement Act, 2074. The council is chaired by the finance minister and includes a total of 14 members (mayors and deputy mayors or chairmen or vice chairmen of rural municipalities), including at least two from each province.

Source: Republica

Corporate News

Country’s forex reserves slump to 32-month low

Kathmandu, December 24- Nepal’s foreign exchange reserves have slumped to a 32-month low despite robust growth in remittance income and downward revision in foreign exchange facility for Nepalis visiting overseas, raising the spectre of the country facing a balance of payments crisis if the problem continues to grow.

Read more ...

Doha Bank opens representative office in Nepal

Kathmandu, December 19 - Doha Bank, one of the largest commercial banks in Qatar, has opened its liaison office in Nepal as per the permission granted by the central bank about six months ago.

Read more ...

Parliament body asks govt to solve problem of multiple taxation

KATHMANDU, Aug 15: Parliament’s Finance Committee on Tuesday issued directions to the government to take the lead in solving the chronic problem of multiple taxation by the three tiers of government, as well as the exorbitant hike in tax rates.

Read more ...

Trade deficit surged five-fold in last decade

Kathmandu, August 5 - The country’s trade deficit jumped five folds in the last decade as imports have been skyrocketing and exports have slowed to a crawl in the review period.

Read more ...
Symbol % Change Last Price Turnover
UPPER 9.8940 311.0 17,879,130.0
NHDL 5.0000 147.0 89,400.0
CBBL 3.9326 925.0 20,771,716.0
EDBL 3.7037 280.0 178,294.0
CFCL 3.6697 113.0 12,674.0
Symbol % Change Last Price Turnover
SEF -10.0000 9.0 18,695.0
SAEF -10.0000 9.0 6,587.0
JOSHI -9.6654 243.0 17,410.0
KEBL -4.7619 180.0 402,873.0
SADBL -3.8710 149.0 2,298,412.0
Symbol % Change Last Price Turnover
NBL 0.6873 293.0 25,427,476.0
CIT -2.3479 2,745.0 22,178,844.0
CBBL 3.9326 925.0 20,771,716.0
UPPER 9.8940 311.0 17,879,130.0
MBL 0.4808 209.0 17,290,711.0