Nepal Economic Digest (June 04, 2020) « Khabarhub
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Nepal Economic Digest (June 04, 2020)

04 June 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.

Govt extends deadline to pay taxes

Following widespread criticism from the business community, the government has extended the deadline to file taxes.

The Inland Revenue Department on Wednesday issued a new notice extending the deadline set for Sunday for filing different taxes.

According to the notice, the details of value-added tax, income tax and excise duty and the amount accordingly can be submitted by June 21.

Similarly, the deadline for submission of education service tax and telecommunication tax has also been extended.

Nepse to remain closed until June 14

Nepal Stock Exchange (Nepse) said it will close its transactions until June 14.

The bench mark index has decided to this effect due to the lockdown imposed by the government  which will remain effective until June 14.

Issuing a press statement, Nepse said, this decision has been taken since the situation is still out of control.

WB provides some Rs 12 billion loan to Nepal to boost recovery from COVID-19 crisis

The World Bank (WB) has approved some Rs 12 billion loan to Nepal to reform electricity sector and boost recovery from COVID-19 crisis.

The World Bank Board of Executive Directors today approved the Development Policy Credit (DPC) of some Rs 12 billion to continue support to the Nepal government in improving the financial viability and governance of the electricity sector and recovering from the COVID-19 crisis, said a press release issued by WB Head Office in Washington DC.

The approved operation, as per the release, is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal’s electricity sector.

Aviation refuelers over 40 yrs old still in operation

The aviation refuelers being used by Nepal Oil Corporation (NOC) in various airports in Nepal are over 41 years old.

As many as 14 refuelers installed at nine airports in the country are more than 20 years old. It has created hassles in refueling aviation fuel.

Despite ban on the vehicles older than 20 years old by the government, the state-owned oil monopoly NOC has still been using ramshackle refuelers. NOC Executive Director Surendra Kumar Paudel said pressures are coming from nationwide depots, of late, to replace the refuelers older than 20 years.

“There have been complaints of facing difficulty in refueling aviation fuel,” said Paudel.”

According to the NOC, a 41-year-old refueler is still in operation at Dhangadhi Airport, probably the oldest one in Nepal. It was manufactured in 1979.

Deuba calls on people to disobey govt’s diktat to file taxes

Nepali Congress (NC) President Sher Bahadur Deuba has called on the people to disobey the government’s diktat to pay taxes amidst lockdown.

“The country is run by the taxes paid by the citizens, but it is the duty and responsibility of the government to facilitate the taxpayers when they are facing adversity,” he said, “When the government sets a deadline in an ungenerous manner, the people have no choice but to disobey it politely, ”Deuba said in a statement issued on Wednesday.

He said that the serious attention of the party has been drawn towards the government’s directive to pay various taxes by Sunday ignoring the challenges faced by small and big businessmen due to the lockdown.

Rs 10 billion spent in fight against coronavirus so far: High-Level Committee

The government said it has spent about Rs 10 billion for controlling and preventing the coronavirus pandemic so far.

The government said that Rs 9.87 billion has been spent on coronavirus control and treatment, quarantine construction and relief distribution.

According to Narayan Bidari, Secretary at the Office of the Prime Minister and Council of Ministers, the amount was spent from Coronavirus Epidemic Control Fund, the amount allocated by the government and the province and local governments.

The details of the expenditure were made public at a meeting of the High-Level Coordination Committee for the Prevention and Control of COVID-19 held on Wednesday.

(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.

Publish Date : 04 June 2020 08:10 AM

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