Category: Nepal

Getting to the crux of Ncell buyout deal

CAN NEPAL IMPOSE CAPITAL GAINS TAX ON NCELL BUYOUT DEAL? This question has been making rounds ever since TeliaSonera, the largest shareholder in Nepali telecom operator, Ncell, announced its decision to sell 60.4 per cent of its stake in the telecom company to Malaysian giant, Axiata, for $1.03 billion. Divergent...

Why Is Monaco A Haven For Tax Defaulters?

If Swiss banking secrecy laws gave Switzerland the world banking capital status, Monaco’s residence policy gives its realtors a thriving business. What is common between the Canadian Raonic who lost in the Australian Open semifinals and the Serbian Djokovic who won it? Well, they are both residents of Monaco, and...

HMRC publishes a policy paper setting out planned negotiations on DTAs and TIEAs

On November 13, 2015 the UK HM Revenue & Customs (HMRC) published a policy paper setting out planned negotiations on Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs). According to the policy paper HMRC will begin negotiations on double taxation agreements with: • Nepal • Romania • Trinidad...

NBR to sign deal with Bhutan to avoid double taxation

Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take...

Tax waiver issue delays contract signing

KATHMANDU, APR 16 – With the selected consultant for the Tanahu Hydropower Project demanding income tax exemption during ongoing negotiations before signing a contract, the Nepal Electricity Authority (NEA) has said that the government cannot provide the facility as the current tax law does not allow it. The NEA clarified...

Nepal, Bangladesh to sign DTAA

KATHMANDU, Jan 30: Nepal and Bangladesh on Thursday agreed to sign Double Taxation Avoidance Agreement (DTAA). Issuing a statement on Thursday, Inland Revenue Department (IRD) said the fourth round of meeting for DTAA held in Kathmandu took the decision. Director General of Inland Revenue Department (IRD) Chudamani Sharma and Head...

Nepal, Bangladesh to sign DTAA

KATHMANDU, Jan 30: Nepal and Bangladesh on Thursday agreed to sign Double Taxation Avoidance Agreement (DTAA). Issuing a statement on Thursday, Inland Revenue Department (IRD) said the fourth round of meeting for DTAA held in Kathmandu took the decision. Director General of Inland Revenue Department (IRD) Chudamani Sharma and Head...

US taxpayers in Nepal come under IRS scrutiny

KATHMANDU: US taxpayers, including US citizens, firms and green card holders, living in or operating from Nepal will come under close scrutiny of the US taxman from now onwards. Issuing a circular today, Nepal Rastra Bank directed all Nepali banks and financial institutions to provide bank account information of US taxpayers living...