Nepal Economic Digest (July 03, 2020)

Khabarhub

July 3, 2020

5 MIN READ

Nepal Economic Digest (July 03, 2020)
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KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Rasuwagadhi checkpoint to resume for import only

Preparations are underway to resume trading through the Rasuwagadhi checkpoint that was closed due to the coronavirus pandemic.

The checkpoint that was closed for six months is going to operate only for import for the time-being.

As many containers have been stranded, a lottery will be held to decide on who would be the first to bring the goods.

Currently, there are about 14 agents on the Chinese side of the checkpoints for customs clearance.

Thamel landlords agree to provide 50 percent discount on rent

An agreement has been reached between businesspersons of the tourist area, Thamel and landlords on a 50 percent discount on housing rent for up to six months to one year.

The agreement has taken place in the context when business across the country has been taken a downturn as a result of the COVID-19 and subsequent lockdown. Twenty-two institutions in the tourism sector took a decision in this regard at a joint press conference here on Thursday.

Approximately 270 shutters of Thamel area have been shut down due to the infection, said the Thamel Tourism Development Council. The agreement was reached between 350 businesspersons and landlords in this regard at the initiative of the COVID-19 Tourism Business Disaster Coordination Committee, said the committee’s coordinator Bhabi Sharma.

The concerned authority would be requested to waive 50 percent electricity tariffs for at least one year used by businesspersons in Thamel since lockdown started, according to the statement issued by the committee. There are more than 10,000 businesspersons and 200 house owners in Thamel area, it has been said.

Govt to accept USD 300 million grant to Nepal

The government will accept a grant of 300 million US dollars to be provided by the Government of Japan to the school sector development program of Nepal.

The Cabinet meeting on June 29 took a decision in this regard, said Finance Minister and Minister for Communications and Information Technology, Dr. Yubaraj Khatiwada.

The meeting also decided to appoint assistant account officer Prahlad Kumar Karki and assistant administrative officer Krishna Kumar Khadka for the process to acquire land for 220 KV Borang-Naubise transmission line and 132 KV Kushaha-Biratnagar transmission line.

Likewise, it was decided to provide Rs 1 million to the family of the late Ram Jalam Raya of Ramnagar rural municipality-4 in Sarlahi district.

Similarly, the meeting decided to renew temporary quotas of joint secretary and undersecretary for Nepal’s Permanent Mission to the United States, Geneva for the fiscal year, 2076/77.

DRI files cases against three firms for issuing fake VAT Bills

The Department of Revenue Investigation (DRI) has filed cases at Patan High Court against three business firms of Kathmandu for their alleged involvement in revenue leakage by issuing fake Value Added Tax (VAT) bills.

In a statement, the DRI said that the cases were lodged at the court on Wednesday for evading Rs 406.1 million in tax evasion and has sought twofold of the evaded tax amount in fine.

The Director General at DRI, Dirgha Raj Mainali, said that New Sagar Plastic Concerns’ proprietor Sanju Kijoo and main accused Sagar Kijoo evaded Rs 268.2 million in tax by issuing fake bills.

Likewise, proprietor of Supreme Plastic Concerns Sagar Kijoo evaded Rs 67.7 million in tax. The firms were charged of issuing fake VAT bills without procuring goods and services.

(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.

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