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In what appears to be a sigh of relief to businessmen outside Kathmandu, they do not need to come to Kathmandu anymore for registering their company. According to an agreement struck between the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Office of Company Registrar last week, businessmen can register their companies from their own district through an online system. Businessmen can now register their company at the service centre established at the district by district chambers of commerce and industry. The service centre will provide the service of company registration and renewal. Representatives of the private sector have hailed the agreement saying that this public-private partnership could ease their process for company registration.
The government has paved the way for Nepal Telecom (NT), a public entity, to bring in a strategic partner. The meeting of the Council of Ministers has cleared the decks for the government to sell a part of its stock in NT to the prospective strategic partner. Though the government has not decided the number of shares to be sold to the prospective partner, a technical committee formed last year had recommended the government to sell 30 per cent of its shares to such partner. Now, with the government’s nod, NT will hire a consultant firm to prepare bid documents for finding a new strategic partner. Officials at the Ministry of Finance say that a recommendation made by the technical committee will be considered while developing standards for the prospective strategic partner. Amid stiff competition posed with the entry of private telecommunication service providers in the market, the new strategic partner for the state entity is expected to provide some external stimulus to drive the company forward.
Data has shown that the contribution of the financial sector to the Gross Domestic Product (GDP) of the country has remained constant for the last seven years. Though there has been a rise in the numbers of banks, banking access, deposit and loan amounts, the total contribution to the GDP each year since Fiscal Year 2006-07 to FY 2012-13 has remained around four per cent only. Stakeholders attribute the lack of investment friendly climate, political instability and investment areas, among others, behind such lackluster performance of the financial sector towards contributing to the GDP. This situation, economic analysts say, is very unfortunate for Nepal despite the possibility of it being an international financial hub.
The Inland Revenue Department (IRD) has intensified the monitoring of the issuance of VAT bills against the backdrop of the Dashain festival. Though the IRD campaign to inspect the market in a bid to encourage customers and business firms to ask and issue VAT bills while buying goods and services is positive, the monitoring of the market on the eve of the festive seasons alone cannot ensure the full-practice of issuing a VAT bill. IRD had inspected 15,000 business enterprises last year during the Dashain festival, while it plans to monitor 20,000 business firms this year. This number is small among the total number of business firms in Nepal. Thus, analysts call for the widening of inspection in order to help plug revenue leakage.
As the Constituent Assembly election date scheduled for November 19 approaches nearer, the donation drive of political parties is causing terror in the business community. Political parties and their election candidates are searching for businessmen to manage the funds they need to contest for the polls. The problem has become so serious that many businessmen have now stopped answering phone calls from unknown numbers while other are changing their numbers frequently to avoid demands for donation. Businessmen have become a primary source for exorbitant donations mostly during the election.
Despite Nepal’s better economic prospects, India’s economic slowdown could hinder Nepal’s economic performance, according to a prediction by the International Monetary Fund (IMF). The effect of the India’s slowdown will also have an adverse impact in the financial sector as well as the overall economy. The IMF has recommended concerned authorities to tighten the monetary condition to reduce the gap between the interest rates in the two countries.
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Despite Nepal’s better economic prospects, India’s economic slowdown could hinder Nepal’s economic performance, according to a prediction by the International Monetary Fund (IMF). The effect of the India’s slowdown will also have an adverse impact in the financial sector as well as the overall economy. The IMF has recommended concerned authorities to tighten the monetary condition to reduce the gap between the interest rates in the two countries.</li>
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<li>
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</div>
<ul>
<li>
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The government has paved the way for Nepal Telecom (NT), a public entity, to bring in a strategic partner. The meeting of the Council of Ministers has cleared the decks for the government to sell a part of its stock in NT to the prospective strategic partner. Though the government has not decided the number of shares to be sold to the prospective partner, a technical committee formed last year had recommended the government to sell 30 per cent of its shares to such partner. Now, with the government’s nod, NT will hire a consultant firm to prepare bid documents for finding a new strategic partner. Officials at the Ministry of Finance say that a recommendation made by the technical committee will be considered while developing standards for the prospective strategic partner. Amid stiff competition posed with the entry of private telecommunication service providers in the market, the new strategic partner for the state entity is expected to provide some external stimulus to drive the company forward.</li>
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<div>
</div>
<ul>
<li>
Data has shown that the contribution of the financial sector to the Gross Domestic Product (GDP) of the country has remained constant for the last seven years. Though there has been a rise in the numbers of banks, banking access, deposit and loan amounts, the total contribution to the GDP each year since Fiscal Year 2006-07 to FY 2012-13 has remained around four per cent only. Stakeholders attribute the lack of investment friendly climate, political instability and investment areas, among others, behind such lackluster performance of the financial sector towards contributing to the GDP. This situation, economic analysts say, is very unfortunate for Nepal despite the possibility of it being an international financial hub.</li>
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<div>
</div>
<ul>
<li>
The Inland Revenue Department (IRD) has intensified the monitoring of the issuance of VAT bills against the backdrop of the Dashain festival. Though the IRD campaign to inspect the market in a bid to encourage customers and business firms to ask and issue VAT bills while buying goods and services is positive, the monitoring of the market on the eve of the festive seasons alone cannot ensure the full-practice of issuing a VAT bill. IRD had inspected 15,000 business enterprises last year during the Dashain festival, while it plans to monitor 20,000 business firms this year. This number is small among the total number of business firms in Nepal. Thus, analysts call for the widening of inspection in order to help plug revenue leakage.</li>
</ul>
<div>
</div>
<ul>
<li>
As the Constituent Assembly election date scheduled for November 19 approaches nearer, the donation drive of political parties is causing terror in the business community. Political parties and their election candidates are searching for businessmen to manage the funds they need to contest for the polls. The problem has become so serious that many businessmen have now stopped answering phone calls from unknown numbers while other are changing their numbers frequently to avoid demands for donation. Businessmen have become a primary source for exorbitant donations mostly during the election. </li>
</ul>
<div>
</div>
<ul>
<li>
Despite Nepal’s better economic prospects, India’s economic slowdown could hinder Nepal’s economic performance, according to a prediction by the International Monetary Fund (IMF). The effect of the India’s slowdown will also have an adverse impact in the financial sector as well as the overall economy. The IMF has recommended concerned authorities to tighten the monetary condition to reduce the gap between the interest rates in the two countries.</li>
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<li>
In what appears to be a sigh of relief to businessmen outside Kathmandu, they do not need to come to Kathmandu anymore for registering their company. According to an agreement struck between the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Office of Company Registrar last week, businessmen can register their companies from their own district through an online system. Businessmen can now register their company at the service centre established at the district by district chambers of commerce and industry. The service centre will provide the service of company registration and renewal. Representatives of the private sector have hailed the agreement saying that this public-private partnership could ease their process for company registration.</li>
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</div>
<ul>
<li>
The government has paved the way for Nepal Telecom (NT), a public entity, to bring in a strategic partner. The meeting of the Council of Ministers has cleared the decks for the government to sell a part of its stock in NT to the prospective strategic partner. Though the government has not decided the number of shares to be sold to the prospective partner, a technical committee formed last year had recommended the government to sell 30 per cent of its shares to such partner. Now, with the government’s nod, NT will hire a consultant firm to prepare bid documents for finding a new strategic partner. Officials at the Ministry of Finance say that a recommendation made by the technical committee will be considered while developing standards for the prospective strategic partner. Amid stiff competition posed with the entry of private telecommunication service providers in the market, the new strategic partner for the state entity is expected to provide some external stimulus to drive the company forward.</li>
</ul>
<div>
</div>
<ul>
<li>
Data has shown that the contribution of the financial sector to the Gross Domestic Product (GDP) of the country has remained constant for the last seven years. Though there has been a rise in the numbers of banks, banking access, deposit and loan amounts, the total contribution to the GDP each year since Fiscal Year 2006-07 to FY 2012-13 has remained around four per cent only. Stakeholders attribute the lack of investment friendly climate, political instability and investment areas, among others, behind such lackluster performance of the financial sector towards contributing to the GDP. This situation, economic analysts say, is very unfortunate for Nepal despite the possibility of it being an international financial hub.</li>
</ul>
<div>
</div>
<ul>
<li>
The Inland Revenue Department (IRD) has intensified the monitoring of the issuance of VAT bills against the backdrop of the Dashain festival. Though the IRD campaign to inspect the market in a bid to encourage customers and business firms to ask and issue VAT bills while buying goods and services is positive, the monitoring of the market on the eve of the festive seasons alone cannot ensure the full-practice of issuing a VAT bill. IRD had inspected 15,000 business enterprises last year during the Dashain festival, while it plans to monitor 20,000 business firms this year. This number is small among the total number of business firms in Nepal. Thus, analysts call for the widening of inspection in order to help plug revenue leakage.</li>
</ul>
<div>
</div>
<ul>
<li>
As the Constituent Assembly election date scheduled for November 19 approaches nearer, the donation drive of political parties is causing terror in the business community. Political parties and their election candidates are searching for businessmen to manage the funds they need to contest for the polls. The problem has become so serious that many businessmen have now stopped answering phone calls from unknown numbers while other are changing their numbers frequently to avoid demands for donation. Businessmen have become a primary source for exorbitant donations mostly during the election. </li>
</ul>
<div>
</div>
<ul>
<li>
Despite Nepal’s better economic prospects, India’s economic slowdown could hinder Nepal’s economic performance, according to a prediction by the International Monetary Fund (IMF). The effect of the India’s slowdown will also have an adverse impact in the financial sector as well as the overall economy. The IMF has recommended concerned authorities to tighten the monetary condition to reduce the gap between the interest rates in the two countries.</li>
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