NEWS

Nepal has Initiated Steps for Economic Reforms, PM Tells WB's Senior MD Trotsenburg

Jun 18, 2024 0 2 minutes 49 seconds to read

KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment.…

Adverse Weather Disrupts Flights at Lukla Airport for Ten Days, Tourists Stranded

Jun 18, 2024 0 2 minutes 8 seconds to read

SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten days, leaving the tourists stranded in the Everest…

'State Treasury Could Generate Rs 300 Billion More in Revenue if Tax System is Reformed'

Jun 18, 2024 0 2 minutes 23 seconds to read

KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were…

Finance Minister Pun Welcomes World Bank's Country Director for Nepal

Jun 18, 2024 0 1 minutes 46 seconds to read

KATHMANDU: Finance Minister Barsha Man Pun wished newly appointed World Bank’s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant…

NBA Organises Financial Literacy and Entrepreneurship Training for Women Entrepreneurs in Butwal

Jun 17, 2024 0 2 minutes 53 seconds to read

KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women…

Petroleum Tanker Drivers Association Withdraws Protest following Four-Point Agreement

Jun 17, 2024 0 1 minutes 51 seconds to read

KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the…

Tax System Reform Committee Suggests Govt to Change Tax Structure

Jun 17, 2024 0 2 minutes 53 seconds to read

KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners.…

Supplies of Petro Products Disrupted due to Tanker Drivers' Protest

Jun 17, 2024 0 1 minutes 28 seconds to read

KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association.…

Should Income Tax Be Paid from Income or by Taking a Loan from the Bank?

Jun 17, 2024 0 4 minutes 55 seconds to read

BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms.…

Political Tug-of-War Delays Appointment of SEBON Chairman

Jun 17, 2024 0 3 minutes 25 seconds to read

KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment…

Capital Expenditure Stands at 44 Percent in 11 Months

Jun 17, 2024 0 2 minutes 3 seconds to read

KATHMANDU: The government’s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81).…

UN Forecasts La Nina could Help Lower Temperatures this Year

Jun 17, 2024 0 4 minutes 40 seconds to read

GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations' weather agency said…

Bangladesh beat Nepal by 21 Runs to End World Cup Hopes

Jun 17, 2024 0 2 minutes 42 seconds to read

KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on…

Manakamana Cable Car Service to be Closed for 50 Days for Upgradation

Jun 16, 2024 0 1 minutes 18 seconds to read

Nepal's first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car's digital…

25 Percent Foreign Investments Approved Through Automatic Route

Jun 16, 2024 0 3 minutes 55 seconds to read

KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly.…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'id' => '21304',
			'article_category_id' => '1',
			'title' => 'Nepal has Initiated Steps for Economic Reforms, PM Tells WB's Senior MD Trotsenburg   ',
			'sub_title' => 'Third Replenishment Meeting of IDA Begins Today',
			'summary' => 'KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. Prime Minister Pushpa Kamal Dahal said so during a meeting with a visiting delegation of World Bank, led by Senior Managing Director (MD), Axel van Trotsenburg, who paid a courtesy call on Prime Minister Dahal at the latter&#39;s official residence in Baluwatar on Monday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the PM&#39;s secretariat, the two discussed issues related to Nepal&#39;s development, the World Bank&#39;s support to Nepal&#39;s development endavours and other aspects.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The World Bank&rsquo;s Senior Managing Director Axel van Trotsenburg arrived in Kathmandu on Monday on his official visit to Nepal to chair the Third Replenishment Meeting of the the International Development Association (IDA), the World Bank&rsquo;s fund for low-income countries.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, the PM thanked the World Bank, as a stable development partner, for providing reliable resources for Nepal&#39;s development and financing for the past six decades.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that his government has initiated steps for economic reforms through the new budget and policy reform, the PM assured the World Bank&#39;s Senior Managing Director of favourable environment for foreign investment and prudent financial management.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The PM shared that energy, tourism, agriculture business and information technology are the key sectors of comparative advantages in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that Nepal has been seriously impacted by climate change, PM Dahal said Nepal has been regularly advocating for climate justice in the international forums and hoped that the World Bank will have a crucial support for Nepal in this effort.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, Trotsenburg pledged the World Bank&#39;s support to Nepal&#39;s economic development.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Trotsenburg is scheduled to chair the Third IDA21 Replenishment Meeting hosted by the government in Kathmandu on June 18-21.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The International Development Association (IDA) is working with donors and borrowing countries to replenish resources that will be used to deliver on global development goals, according to the World Bank.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four-day IDA21 meeting will bring together officials from 65 donor governments and representatives of borrowing member countries to discuss the proposed IDA21 policy focusing on areas such as people, planet, prosperity, infrastructure, and digitalization. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Adverse Weather Disrupts Flights at Lukla Airport for Ten Days, Tourists Stranded  ',
			'sub_title' => '',
			'summary' => 'SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten  days, leaving the tourists stranded in the Everest region. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten&nbsp; days, leaving the tourists stranded in the Everest region.&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The tourists visiting the Khumbu region, which is home to the world&rsquo;s highest peak, have been badly affected by the disruption in air service.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Diwas Dahal, air controller at the Civil Aviation Authority of Nepal (CAN) office based in Lukla, informed the state-owned RSS that fog and poor visibility are to be blamed for the disruption in air services. Both aircraft and helicopters are not able to conduct flights since June 8.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;It is the time for foreign tourists to return to Kathmandu after traveling to the Everest region. The number of tourists leaving the district is more than the arrivals. But adverse weather has taken a toll on air service,&quot; Dahal added. All flight schedules have been cancelled for ten days. Thick fog has caused poor visibility, he added.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Dahal informed that some helicopters were operated from Surke helipad located downhill to Lukla, where the weather is relatively clear.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Meanwhile, travellers can get vehicles bound for Kathmandu after four-hour trek down from Lukla airport. There is also an option for the tourists to ride from Thamdanda to Kathmandu in jeep.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Thamdanda lies 70-km away from Salleri bazaar, the district headquarters of Solukhumbu.&nbsp; A jeep ride from Salleri to Kathmandu covering a distance of 275 kilometers costs Rs 2,000 per person. -- RSS</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '21303',
			'article_category_id' => '1',
			'title' => ''State Treasury Could Generate Rs 300 Billion More in Revenue if Tax System is Reformed'  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has suggested several changes: eliminating the provision to write off value-added tax on certain goods, amending the existing income tax cap, waiving excise duty except on goods harmful to human health, imposing a green tax, revising the social security tax, and increasing the amount of digital payments while discouraging cash transactions.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government established the four-member committee under the chairmanship of Bidhyadhar Mallik about nine months ago. The Mallik Committee submitted its report three months ago.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has proposed the establishment of an Implementation Facilitation and Monitoring Unit, to be led by the revenue secretary, for effective implementation of the tax system reform recommendations.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the report made public by the Ministry of Finance, if the reform measures were implemented, the country could generate an additional Rs 291 billion in revenue.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Laxman Aryal, Prof Dr Ram Prasad Gyawali, and Shyam Prasad Dahal were the members of the committee. The committee chair Mallik stated that the revenue projection was based on extensive study and sectoral calculations. &quot;This is a tough job but not impossible,&quot; Mallik argued.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The upcoming fiscal year&#39;s budget has included the idea of implementing the committee&#39;s recommendations. Chairman Mallik expressed hope for the implementation of the report&#39;s recommendations, reasoning, &quot;The results will be positive if the recommendations are implemented in three to five years.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, Aryal, a former secretary with extensive expertise in the tax system and revenue administration, stated that the projection of Rs 300 billion in additional revenue is based on the current context and will likely be higher in the future. &quot;The report has clearly outlined how and from where this is possible,&quot; Aryal added. --RSS</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21301',
			'article_category_id' => '1',
			'title' => 'Finance Minister Pun Welcomes World Bank's Country Director for Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barsha Man Pun wished newly appointed World Bank’s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU:&nbsp;</span></span></span><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Barsha Man Pun wished newly appointed World Bank&rsquo;s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure at a reception event organized on his arrival to Nepal. He also expressed his confidence that Sislen&#39;s tenure would be successful in the continuation of the efforts started during the term of the outgoing country director Faris Hadad-Zervos and for further cooperation as well.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Pun said that he was happy to welcome Sislen on the eve of the World Bank Group&#39;s International Development Organization (IDA-21) meeting in Nepal starting from Tuesday. He mentioned that the relationship between Nepal and the World Bank reached new heights during the tenure of the outgoing Country Director Zervos.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Prior to this position, Sislen was the Practice Manager for Urban and Disaster Risk Management for Europe and Central Asia at the World Bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">He holds Master&rsquo;s degrees in Economics and Geography from Johns Hopkins University and Macalester College (USA) and has worked extensively on issues of infrastructure, urban development, and decentralized service delivery in Europe, Latin America, Africa, and East Asia and the Pacific. -- RSS</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21300',
			'article_category_id' => '1',
			'title' => 'NBA Organises Financial Literacy and Entrepreneurship Training for Women Entrepreneurs in Butwal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs. They made such remarks during a one-day training program on financial literacy and entrepreneurship for women entrepreneurs organized by New Business Age Private Limited in Butwal. The event was sponsored by Siddharth Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speaking at the event, Madan Lamsal, chairman of the event and editor-in-chief of New Business Age, said that unless women are encouraged to enter into entrepreneurship, it will be difficult to develop entrepreneurship in the country. He mentioned that New Business Age has been conducting financial literacy and entrepreneurship training for women in various parts of the country for several years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the chief guest of the program, Khel Raj Pandey, mayor of Butwal Sub-Metropolitan City, highlighted that the city provides various training programs for women entrepreneurs and plans to continue these initiatives.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This year, 500 women entrepreneurs received various skill trainings, especially in the productive sector. We aim to provide similar training to about 3,000 women entrepreneurs annually starting from the upcoming fiscal year,&quot; he said. The mayor also mentioned that Butwal Sub-Metropolitan City offers training on expense reduction and money-saving techniques.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Basanti Pradhan, vice president of the Federation of Women&#39;s Entrepreneurs Association Nepal (FWEAN), noted that people can become entrepreneurs by solving various problems.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;I want to emphasize that even your interests can be turned into a business. To do this, you need to improve skills such as product quality, packaging, and marketing,&quot; she said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sagun Khanal discussed how to become a successful entrepreneur as well as various facilities provided by government agencies and banks to women entrepreneurs, and how to obtain these facilities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Yagya Prasad Pageni, ward chair of Ward No 8 in Butwal, pointed out that some entrepreneurs divert loans from banks to other sectors like real estate and the stock market. He stressed that loans should be used for the ventures for which they were intended.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chandradev Paudyal, head of Siddharth Bank&rsquo;s Butwal Branch, shed light on various facilities the bank offers to women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Anita Devi Chudali, president of Women Entrepreneurs Association, Rupandehi, and Sheila Nepali, president of Women Entrepreneurs Association, Karnali, expressed their satisfaction with the usefulness of the training for women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 140 women entrepreneurs participated in the program held at Siddharth Cottage, Butwal, including Central Treasurer of FWEAN Sabita Subedi and officials from the Nepal Cottage and Small Industries Federation, Butwal.</span></span></p>
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			'title' => 'Petroleum Tanker Drivers Association Withdraws Protest following Four-Point Agreement   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.  ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the representatives of the association and the Nepal Oil Corporation that took place at the Ministry of Industry, Commerce and Supplies on Monday ended with the agreement, according to NOC Spokesperson Manoj Thakur.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the NOC Board of Directors and Commerce Secretary, Dinesh Kumar Ghimire, was present in the meeting. NOC Executive Director Dr Chandika Prasad Bhatta and Association Chair Ishwor Lama signed the agreement on behalf of their respective sides.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">This development is expected to ease the supply of petroleum products in the Kathmandu Valley, which was hampered due to the protest.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The association had decided to disrupt the supplies on Sunday, putting forth a seven-point demand.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The demands include appointment letters as ensured by the Labour Act, remunerations as fixed by the government, risk allowance, safety alert training in every three months, and their inclusion in the Social Security fund among others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As per the agreement, a sub-committee is to be formed under the coordination of the NOC Deputy Executive Director to present a report regarding the demands of the association and other relevant issues within the next 15 days. The committee has the representations from the ministry, the association as well as Independent Transport Workers Association of Nepal and the All Nepal Petroleum Workers&#39; Union. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21023',
			'image' => '20240617061138_20170425032710_birgunj.jpg',
			'article_date' => '2024-06-17 18:10:57',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21295',
			'article_category_id' => '1',
			'title' => 'Tax System Reform Committee Suggests Govt to Change Tax Structure',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. &nbsp;The Ministry of Finance on Sunday released the report which the committee had submitted its report to the government more than two months ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee determined that the government should adopt a policy of restructuring and reducing income tax rates. It has suggested that the personal income tax rates be consolidated into three slabs: 10%, 20%, and 25%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, the tax slabs are as follows: only a 1% social security tax is payable for those earning up to Rs 500,000 per annum. A 10% income tax is charged for the next slab of up to Rs 700,000. For income up to Rs 1 million, a 20% income tax is levied. For the next slab up to Rs 2 million, a 30% tax is levied. An additional slab of Rs 3 million attracts a 36% tax, while an annual income of more than Rs 5 million is taxed at 39%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee has suggested imposing an additional 20% surcharge on the final rate for those with an annual income of more than Rs 5 million. This means that those earning more than Rs 5 million annually will have to pay up to 45% tax on income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government revised the income tax system in the fiscal year 2075/76, setting the personal income tax slabs at 10%, 20%, and 30%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tax expert Chandramani Adhikari criticized the committee&#39;s suggestion as regressive. According to him, imposing an additional 20% surcharge on those with incomes over Rs 5 million may not be progressive. &quot;Individual income tax should be progressive, not just increased,&quot; he said. Adhikari emphasized that high taxes could hinder individuals&#39; ability to invest in health, education, and social security. He pointed out that when individuals contribute to social security, it supports large projects and provides returns to the country, which the state should consider.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Mallik-led committee also recommended gradually reducing the corporate income tax rate by 1% each year, from the current 25% to 20%, and keeping it stable for the next 10 years. The committee suggested maintaining a 30% corporate tax rate for alcohol and tobacco products and financial institutions, while reducing it to 25% for other businesses in this category. Additionally, it proposed a 10% tax rate for export trade and businesses, and a 20% rate for all other businesses.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee further suggested imposing a 7.5% tax on profits from securities held for more than 365 days and a 10% tax on interest for periods of 365 days or more. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lastly, the committee proposed canceling the current 1% social security tax and reducing the tax exemption on taxable personal income by 3% for the first 10 years, while making arrangements for a 5% social security contribution tax.</span></span></p>
',
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			'description' => '',
			'sortorder' => '21022',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21296',
			'article_category_id' => '1',
			'title' => 'Supplies of Petro Products Disrupted due to Tanker Drivers' Protest   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. The association has launched a strike, presenting a seven-point list of demands.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Dr Chandika Prasad Bhatta, executive director of Nepal Oil Corporation (NOC), the corporation is in contact with the protesting drivers and expects a resolution by Monday night. Discussions between the two parties are scheduled for today (Monday) at the Ministry of Industry, Commerce, and Supplies.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Association claims that tanker drivers have been denied essential facilities for a long time and that repeated requests for these facilities have been ignored, prompting the strike. Their demands include appointment letters as mandated by the Labour Act, government-fixed remuneration, risk allowances, safety alert training every three months, and inclusion in the social security fund.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On June 11, the Association sent a notice to the NOC, warning of the protest if their demands were not met within a few days.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Under the Essential Commodities Control (Authorization) Act, 2017 (1961), petroleum products are classified as essential commodities, and their supply for general use cannot be legally obstructed. -- RSS</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21021',
			'image' => '20240617022425_20171026114339_20171026065316_Clipboard01.jpg',
			'article_date' => '2024-06-17 14:23:12',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21293',
			'article_category_id' => '1',
			'title' => 'Should Income Tax Be Paid from Income or by Taking a Loan from the Bank?',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Om Prakash Khanal</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. The government has increased the advance income tax to 10 percent through the budget for the next fiscal year (FY) 2081/82. There is a provision that such tax must be settled in the same year and cannot be transferred to the next fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importer Om Prakash More argues that this system of income tax violates universal principles and norms of taxation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The government has imposed a 10 percent income tax on goods but it is not possible to generate income from those goods to pay that much tax. Moreover, the requirement that the tax must be settled within the same year and cannot be carried forward is against the principles of taxation,&quot; said More.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The budget presented by Finance Minister Barshman Pun for the next fiscal year has provisions to collect 1.5 percent, 2.5 percent, and 10 percent income tax in advance. The 10 percent rate has been set for daily consumption goods. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Items subjected to 10 percent tax include potatoes, onions, pulses, vegetables, fish, and flour. Finance Minister Pun has stated that the policy of high-rate of advance income tax aims to boost domestic production and discourage imports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers argue that domestic production cannot meet local demand. Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses, and Oil Industry Association, says that the finance minister&#39;s statement lacks truth since most of the food industries in Nepal rely on imported raw materials.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the new system, up to 10 percent income tax must be paid at customs. However, traders claim this is exploitation and unjust to consumers. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, 20 percent income tax is imposed on production and 25 percent on business. Based on this, a 50% profit would be needed to justify paying a 10% income tax on the customs value of such goods. Moreover, if total profit exceeds 20 percent, it is legally considered black market activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As the tax paid in advance to customs cannot be carried over to the next year, authorities suggest it be shown as an expense. Businessmen argue it is against financial principles to take a loan to pay tax in advance in businesses where banks invest up to 70 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Income tax is a tax on earnings. It is not meant to be paid by taking a loan from the bank. Even general accounting principles do not allow it to be recorded as an expense,&quot; said More. The private sector claims that the rules of customs and internal revenue are contradictory. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Navneet Agarwal, a businessman, states that showing the income tax amount as an expense will directly affect the price of goods. &quot;It seems the government is trying to fill its coffers at the expense of common consumers, leading to higher prices. This will also increase the illegal import of such goods,&quot; said Agarwal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hari Gautam, Senior Vice President of the Birgunj Chamber of Commerce and Industry, agrees with Agarwal. Gautam claims that the burden of advance income tax will increase the price of goods and that illegal imports through the open border with India will rise. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This policy will lead to the smuggling of most daily consumables, except for petroleum products, vehicles, and industrial raw materials. Illegal imports of pulses, rice, flour, clothing, and electrical equipment will increase,&quot; he said. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers, demanding the removal of the 10 percent advance income tax, have not released hundreds of containers of goods that have arrived at border customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Gautam notes that due to the excessive tax imposed by customs, the price difference between goods in the market of Nepal and India is significant, leading to illegal imports. The private sector claims that smuggling has increased, with goods being delivered to homes at a lower cost than the market price.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Most Indian goods are being imported illegally. In an attempt to collect more revenue, the government is losing revenue and facilitating illegal activities,&quot; said a businessman. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Private sector stakeholders claim that maintaining high customs revenue creates an environment that fosters illegal trade which benefits high ranking government officials. As a result, they adopt a policy to maintain high customs duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '21292',
			'article_category_id' => '1',
			'title' => 'Political Tug-of-War Delays Appointment of SEBON Chairman',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the recommendation committee formed for the appointment of SEBON chairman shortlisted five of the 19 applicants on April 7, the appointment process was delayed because the finance minister was dissatisfied with the recommended names, a member of the committee told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the Ministry of Finance suddenly issued a notice on June 14, calling the five shortlisted candidates to present their business plan and interview on June 16.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Only two out of five candidates showed up for the presentation and interview. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Secretary Madhu Kumar Marasini informed that only Santosh Narayan Shrestha and Muktinath Shrestha attended the interview. Santosh Narayan is a businessman, while Muktinath is an executive director in the Securities Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Another Executive Director of SEBON, Dr Navaraj Adhikari; Chief Executive Officer of the Nepal Stock Exchange (NEPSE), Krishna Bahadur Karki; and former Chairman of the Nepal Insurance Authority (then Insurance Board of Nepal) Chiranjeevi Chapagai were not present at the interview, confirmed Marasini. For those who were absent, the Ministry of Finance has issued another notice, stating that the interview will be conducted on Wednesday at 9 am.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates who were absent on Sunday are considered close to the ruling CPN (Maoist Center). However, sources claimed that these candidates were discouraged from participating in the presentation and interview to delay the appointment process due to differences between KP Sharma Oli, chairman of the other ruling party CPN (UML), and the Maoist leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UML Chairman Oli has been pressuring for the appointment of Santosh Narayan Shrestha, while the Maoist leadership prefers other candidates, leading to the delay in the appointment process, according to sources in the Ministry of Finance and SEBON.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sources claim that after two months of political negotiations, the Ministry of Finance issued a notice to move the process forward following an agreement to appoint Santosh Narayan Shrestha as the chairman of SEBON. The absence of three candidates in the interview highlighted the dissatisfaction within the Maoist central leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the current legal system, at least three candidates must be recommended for the appointment to the post of SEBON chairman. Section 7 of the Securities Act, 2063, mandates that the committee should recommend the names of at least three qualified persons.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Due to this requirement, the interview on Sunday could not proceed, and thus another interview was scheduled for Wednesday. It remains unclear what will happen if the remaining candidates do not participate again, as the law does not address this scenario.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Some have linked this appointment process to the interests of business houses vying for the license of a new stock exchange. Three companies&mdash;Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited&mdash;have applied for the new stock exchange license. One eligible company will receive the new stock exchange license. </span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '21291',
			'article_category_id' => '1',
			'title' => 'Capital Expenditure Stands at 44 Percent in 11 Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government’s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The government&rsquo;s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). Meanwhile, the government has spent 72.6 percent of the budget on current expenses and 72.7 percent on financial management, according to the Financial Comptroller General Office (FCGO).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For the current year, the government had proposed a budget of Rs 1751.31 billion. Of this amount, Rs 1141.78 billion was allocated for current expenses, out of which Rs 822.8 billion has been spent by mid-June.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The capital budget was set at Rs 302.74 billion, with only Rs 134.97 billion (44.68 percent) spent so far. Under the financial management heading, 72.7 percent of the allocated budget of Rs 307.45 billion has been spent, totaling Rs 223.5 billion. This budget is primarily used to pay interest on government debt.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to FCGO statistics, government revenue collection up to this period is only 64.15 percent of the annual target. The government had aimed to collect Rs 1472.48 billion in revenue for the current fiscal year, with Rs 1305.49 billion expected from tax revenue. So far, only 63.5 percent (Rs 829.3 billion) of the tax revenue target has been achieved.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In terms of non-tax revenue, the government had set a target of Rs 107.62 billion, but has collected only Rs 90 billion, which is 77 percent of the target. Additionally, the government had set the aim to collect Rs 49.94 billion in foreign grants for the fiscal year, but has only received 5.52 percent of the target, amounting to Rs 2.758 billion.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Critics argue that the public finance management sector is weak due to the failure to improve the country&#39;s economy. The low state of capital expenditure, increasing current and financial management expenses, inability to meet revenue targets, and failure to collect foreign grants are cited as major issues.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '21290',
			'article_category_id' => '1',
			'title' => 'UN Forecasts La Nina could Help Lower Temperatures this Year   ',
			'sub_title' => '',
			'summary' => 'GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations' weather agency said recently.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations&#39; weather agency said recently.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to AFP, the UN&#39;s World Meteorological Organization said in its latest update that the impact is likely to be felt in the next few months because the warming El Nino weather pattern -- which has helped fuel a spike in global temperatures and extreme weather around the world since mid-2023 -- &quot;is showing signs of ending&quot;.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO warned, however, that global temperatures would continue to rise in the long term due to human-induced climate change, which continues to make extreme weather worse and upend seasonal rainfall and temperature patterns, AFP reported citing the UN.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">La Nina refers to the cooling of the ocean surface temperatures in large swathes of the tropical Pacific Ocean, coupled with winds, rains and changes in atmospheric pressure.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In many locations, especially in the tropics, La Nina produces the opposite climate impacts to El Nino, which heats up the surface of the oceans, leading to drought in some parts of the world and triggering heavy downpours elsewhere, AFP further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the news agency, the WMO said there was a &quot;60 percent&quot; chance of La Nina conditions in the period from July to September and a &quot;70 percent&quot; likelihood during August-November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The chances of El Nino redeveloping are negligible, it added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Every month since June 2023, when El Nino returned, has set a new high temperature record, and 2023 was by far the warmest year on record globally.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO said the planet would continue to heat up overall from the use of fossil fuels that produce greenhouse gases.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The end of El Nino does not mean a pause in long-term climate change, as our planet will continue to warm due to heat-trapping greenhouse gases,&quot; WMO deputy secretary general Ko Barrett stressed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Exceptionally high sea surface temperatures will continue to play an important role during next months.&quot;&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Much of the planet&#39;s excess heat from climate change is stored in the oceans.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the United States, the National Oceanic and Atmospheric Administration has already factored the expected La Nina into its forecasts for this year&#39;s Atlantic hurricane season.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NOAA said it expected four to seven major hurricanes in the Atlantic between June and November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The upcoming Atlantic hurricane season is expected to have above-normal activity due to a confluence of factors, including near-record warm ocean temperatures in the Atlantic Ocean, development of La Nina conditions in the Pacific, reduced Atlantic trade winds and less wind shear,&quot; the NOAA said on May 23.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO noted that the past nine years had been the warmest on record, even with the cooling influence of a La Nina event that lasted from 2020 to early 2023.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The latest El Nino, which peaked in December, was one of the five strongest on record.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Our weather will continue to be more extreme because of the extra heat and moisture in our atmosphere,&quot; Barrett said.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO has made it a priority to ensure that all regions of the world are covered by early warning systems by 2027, particularly the least well-equipped, such as Africa.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Seasonal forecasts for El Nino and La Nina, and the anticipated impacts on the climate patterns globally, are an important tool to inform early warnings and early action,&quot; Barrett said. -- AFP&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21289',
			'article_category_id' => '1',
			'title' => 'Bangladesh beat Nepal by 21 Runs to End World Cup Hopes  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With this match, the equation of Group D in the World Cup has been completed. South Africa and Bangladesh reached the second round of the World Cup from the group while Nepal, the Netherlands and Sri Lanka have been knocked out of the group stage.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">South Africa reached the Super Eight with eight points, while Bangladesh having six points also made it to the next round.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Nepali leg-spinner Sandeep Lamichhane however has set a new record by taking 100 wickets in his 54th match of T20 International cricket.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the match against Bangladesh, he took two wickets and completed 100 wickets. This is Sandeep&#39;s second match in the ongoing World Cup.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Rashid Khan of Afghanistan has a record of taking 100 wickets in 53 matches, the lowest in T20 Internationals.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chasing the target of 107 runs set by Bangladesh to win, Nepal were bundled out for 85 runs losing all wickets in 19.2 overs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Malla top-scored for Nepal with 27 runs. He scored 27 runs off 40 balls with one four and a six. Dipendra Singh Airee scored 25 runs off 31 balls with two fours and a six. Apart from Asif Sheikh, who scored 17 runs off 14 balls with four fours, other players could not score in double digit.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Bhurtel was dismissed for four runs while Rohit Kumar Poudel and Sandeep Jora were dismissed for one run each.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Anil Shah, Gulshan Jha, Sompal Kami, Sandeep Lamichhane and Abhinash Bohora were dismissed for zero.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Tanzim Hasan took four wickets for Bangladesh to limit Nepal&#39;s batting performance. Likewise, Sakib Hasan took two and Taskin Ahmad one wicket for Bangladesh.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Invited to bat first after losing toss, Bangladesh had scored 106 runs at the loss of all wickets in 19.3 overs. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21288',
			'article_category_id' => '1',
			'title' => 'Manakamana Cable Car Service to be Closed for 50 Days for Upgradation',
			'sub_title' => '',
			'summary' => 'Nepal's first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car's digital system.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 16: Nepal&#39;s first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car&#39;s digital system.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy General Manager Ujjwal Sherchan of Manakamana Darshan Pvt. Ltd. stated that the current &#39;analog&#39; technology of the cable cars will be upgraded to a modern digital system using fiber technology. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In addition to the digital system upgrade, the main cable wire, which has been in use for 26 years, will be replaced. Skilled technicians from the Australian company Doppelmayr will carry out the upgrade work.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The upgrade will be conducted in various stages to ensure comprehensive improvements.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Manakamana cable car service, operational since November 24, 1998, serves pilgrims traveling to a famous religious site in Sahid Lakhan Rural Municipality of Gorkha district.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Despite the suspension of the cable car service, the restaurant at the bottom station located in Ichchhakamana-4 Kurintar (Cheres) in Chitwan will remain open for visitors. (RSS) </span></span></p>

<p>&nbsp;</p>
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			'title' => '25 Percent Foreign Investments Approved Through Automatic Route',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. Applicants using the automatic route receive their foreign investment approval letters via email immediately after submitting their applications, with company registration occurring simultaneously. The government currently allows the registration of foreign investment companies with up to Rs 500 million through this automatic route, with no minimum investment limit for IT-based industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Industry has developed an electronic system for approving foreign investments automatically. Investors can log into this system, fill in the required details, and if all the information is correct, they receive investment approval automatically. Since the implementation of the automatic route in May, 90 projects have been approved, with a total proposed investment of Rs 11.18 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In addition to the automatic route, investments are also accepted through the traditional system. In the old system, investment is approved through meetings and decisions. Combining both processes, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects in the first 11 months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Department of Industry, 25 percent of the total foreign investment approvals in these 11 months were through the automatic system. Investment commitments worth Rs 8.28 billion have been received for 68 projects via the automatic route, indicating its ease for investors.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Shankar Singh Dhami, director of the Foreign Investment and Technology Transfer branch of the department, stated that the automatic route has gained popularity because it simplifies the investment approval process. Most of the investment proposals through the automatic route are in the tourism sector (49%), followed by the service sector (31%), information and technology (16%), and productive and agricultural industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Comparing the current year 2080/81 to the previous year 2079/80, foreign investment commitments in Nepal have increased by 28.39 percent. In the 11 months of 2080/81, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects, compared to Rs 34.58 billion across 274 projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;The increase in foreign investment commitments is due to amendments in laws to facilitate foreign investment, the implementation of the automatic route, and positive outcomes from the investment summit,&quot; Dhami explained. In mid-April to mid-May alone, investment commitments for 90 projects amounted to Rs 11.18 billion, a significant increase from Rs 4.97 billion committed for 57 projects in the corresponding period of the previous year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As usual, the investment projects approved by the Department of Industry, which handles investments up to a maximum of Rs 6 billion, were mostly small in scale. In the 11th month of the current year, many small industry projects were approved, with fewer large-scale investments. The department approved 341 small, 14 medium, and 4 large projects in the review period, compared to 247 small, 22 medium, and 5 large projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the projects in the current year relate to the tourism sector, with 176 projects approved. Additionally, 114 service sector projects, 40 productive projects, and 11 information, communication, and technology projects were approved. The least approved projects were in the energy and mineral industries.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Nepal has Initiated Steps for Economic Reforms, PM Tells WB's Senior MD Trotsenburg   ',
			'sub_title' => 'Third Replenishment Meeting of IDA Begins Today',
			'summary' => 'KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. Prime Minister Pushpa Kamal Dahal said so during a meeting with a visiting delegation of World Bank, led by Senior Managing Director (MD), Axel van Trotsenburg, who paid a courtesy call on Prime Minister Dahal at the latter&#39;s official residence in Baluwatar on Monday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the PM&#39;s secretariat, the two discussed issues related to Nepal&#39;s development, the World Bank&#39;s support to Nepal&#39;s development endavours and other aspects.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The World Bank&rsquo;s Senior Managing Director Axel van Trotsenburg arrived in Kathmandu on Monday on his official visit to Nepal to chair the Third Replenishment Meeting of the the International Development Association (IDA), the World Bank&rsquo;s fund for low-income countries.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, the PM thanked the World Bank, as a stable development partner, for providing reliable resources for Nepal&#39;s development and financing for the past six decades.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that his government has initiated steps for economic reforms through the new budget and policy reform, the PM assured the World Bank&#39;s Senior Managing Director of favourable environment for foreign investment and prudent financial management.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The PM shared that energy, tourism, agriculture business and information technology are the key sectors of comparative advantages in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that Nepal has been seriously impacted by climate change, PM Dahal said Nepal has been regularly advocating for climate justice in the international forums and hoped that the World Bank will have a crucial support for Nepal in this effort.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, Trotsenburg pledged the World Bank&#39;s support to Nepal&#39;s economic development.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Trotsenburg is scheduled to chair the Third IDA21 Replenishment Meeting hosted by the government in Kathmandu on June 18-21.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The International Development Association (IDA) is working with donors and borrowing countries to replenish resources that will be used to deliver on global development goals, according to the World Bank.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four-day IDA21 meeting will bring together officials from 65 donor governments and representatives of borrowing member countries to discuss the proposed IDA21 policy focusing on areas such as people, planet, prosperity, infrastructure, and digitalization. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Adverse Weather Disrupts Flights at Lukla Airport for Ten Days, Tourists Stranded  ',
			'sub_title' => '',
			'summary' => 'SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten  days, leaving the tourists stranded in the Everest region. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten&nbsp; days, leaving the tourists stranded in the Everest region.&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The tourists visiting the Khumbu region, which is home to the world&rsquo;s highest peak, have been badly affected by the disruption in air service.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Diwas Dahal, air controller at the Civil Aviation Authority of Nepal (CAN) office based in Lukla, informed the state-owned RSS that fog and poor visibility are to be blamed for the disruption in air services. Both aircraft and helicopters are not able to conduct flights since June 8.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;It is the time for foreign tourists to return to Kathmandu after traveling to the Everest region. The number of tourists leaving the district is more than the arrivals. But adverse weather has taken a toll on air service,&quot; Dahal added. All flight schedules have been cancelled for ten days. Thick fog has caused poor visibility, he added.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Dahal informed that some helicopters were operated from Surke helipad located downhill to Lukla, where the weather is relatively clear.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Meanwhile, travellers can get vehicles bound for Kathmandu after four-hour trek down from Lukla airport. There is also an option for the tourists to ride from Thamdanda to Kathmandu in jeep.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Thamdanda lies 70-km away from Salleri bazaar, the district headquarters of Solukhumbu.&nbsp; A jeep ride from Salleri to Kathmandu covering a distance of 275 kilometers costs Rs 2,000 per person. -- RSS</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-06-18',
			'modified' => '2024-06-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21029',
			'image' => '20240618094105_maxresdefault.jpg',
			'article_date' => '2024-06-18 09:39:36',
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	(int) 2 => array(
		'Article' => array(
			'id' => '21303',
			'article_category_id' => '1',
			'title' => ''State Treasury Could Generate Rs 300 Billion More in Revenue if Tax System is Reformed'  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has suggested several changes: eliminating the provision to write off value-added tax on certain goods, amending the existing income tax cap, waiving excise duty except on goods harmful to human health, imposing a green tax, revising the social security tax, and increasing the amount of digital payments while discouraging cash transactions.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government established the four-member committee under the chairmanship of Bidhyadhar Mallik about nine months ago. The Mallik Committee submitted its report three months ago.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has proposed the establishment of an Implementation Facilitation and Monitoring Unit, to be led by the revenue secretary, for effective implementation of the tax system reform recommendations.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the report made public by the Ministry of Finance, if the reform measures were implemented, the country could generate an additional Rs 291 billion in revenue.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Laxman Aryal, Prof Dr Ram Prasad Gyawali, and Shyam Prasad Dahal were the members of the committee. The committee chair Mallik stated that the revenue projection was based on extensive study and sectoral calculations. &quot;This is a tough job but not impossible,&quot; Mallik argued.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The upcoming fiscal year&#39;s budget has included the idea of implementing the committee&#39;s recommendations. Chairman Mallik expressed hope for the implementation of the report&#39;s recommendations, reasoning, &quot;The results will be positive if the recommendations are implemented in three to five years.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, Aryal, a former secretary with extensive expertise in the tax system and revenue administration, stated that the projection of Rs 300 billion in additional revenue is based on the current context and will likely be higher in the future. &quot;The report has clearly outlined how and from where this is possible,&quot; Aryal added. --RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2024-06-18',
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			'description' => '',
			'sortorder' => '21028',
			'image' => '20240618100505_20240617083823_20221030050239_1667081609.11.jpg',
			'article_date' => '2024-06-18 10:04:30',
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	(int) 3 => array(
		'Article' => array(
			'id' => '21301',
			'article_category_id' => '1',
			'title' => 'Finance Minister Pun Welcomes World Bank's Country Director for Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barsha Man Pun wished newly appointed World Bank’s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU:&nbsp;</span></span></span><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Barsha Man Pun wished newly appointed World Bank&rsquo;s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure at a reception event organized on his arrival to Nepal. He also expressed his confidence that Sislen&#39;s tenure would be successful in the continuation of the efforts started during the term of the outgoing country director Faris Hadad-Zervos and for further cooperation as well.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Pun said that he was happy to welcome Sislen on the eve of the World Bank Group&#39;s International Development Organization (IDA-21) meeting in Nepal starting from Tuesday. He mentioned that the relationship between Nepal and the World Bank reached new heights during the tenure of the outgoing Country Director Zervos.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Prior to this position, Sislen was the Practice Manager for Urban and Disaster Risk Management for Europe and Central Asia at the World Bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">He holds Master&rsquo;s degrees in Economics and Geography from Johns Hopkins University and Macalester College (USA) and has worked extensively on issues of infrastructure, urban development, and decentralized service delivery in Europe, Latin America, Africa, and East Asia and the Pacific. -- RSS</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2024-06-20',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21027',
			'image' => '20240618091632_20240617083148_20240215010906_World.jpg',
			'article_date' => '2024-06-18 09:15:53',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21300',
			'article_category_id' => '1',
			'title' => 'NBA Organises Financial Literacy and Entrepreneurship Training for Women Entrepreneurs in Butwal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs. They made such remarks during a one-day training program on financial literacy and entrepreneurship for women entrepreneurs organized by New Business Age Private Limited in Butwal. The event was sponsored by Siddharth Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speaking at the event, Madan Lamsal, chairman of the event and editor-in-chief of New Business Age, said that unless women are encouraged to enter into entrepreneurship, it will be difficult to develop entrepreneurship in the country. He mentioned that New Business Age has been conducting financial literacy and entrepreneurship training for women in various parts of the country for several years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the chief guest of the program, Khel Raj Pandey, mayor of Butwal Sub-Metropolitan City, highlighted that the city provides various training programs for women entrepreneurs and plans to continue these initiatives.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This year, 500 women entrepreneurs received various skill trainings, especially in the productive sector. We aim to provide similar training to about 3,000 women entrepreneurs annually starting from the upcoming fiscal year,&quot; he said. The mayor also mentioned that Butwal Sub-Metropolitan City offers training on expense reduction and money-saving techniques.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Basanti Pradhan, vice president of the Federation of Women&#39;s Entrepreneurs Association Nepal (FWEAN), noted that people can become entrepreneurs by solving various problems.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;I want to emphasize that even your interests can be turned into a business. To do this, you need to improve skills such as product quality, packaging, and marketing,&quot; she said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sagun Khanal discussed how to become a successful entrepreneur as well as various facilities provided by government agencies and banks to women entrepreneurs, and how to obtain these facilities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Yagya Prasad Pageni, ward chair of Ward No 8 in Butwal, pointed out that some entrepreneurs divert loans from banks to other sectors like real estate and the stock market. He stressed that loans should be used for the ventures for which they were intended.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chandradev Paudyal, head of Siddharth Bank&rsquo;s Butwal Branch, shed light on various facilities the bank offers to women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Anita Devi Chudali, president of Women Entrepreneurs Association, Rupandehi, and Sheila Nepali, president of Women Entrepreneurs Association, Karnali, expressed their satisfaction with the usefulness of the training for women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 140 women entrepreneurs participated in the program held at Siddharth Cottage, Butwal, including Central Treasurer of FWEAN Sabita Subedi and officials from the Nepal Cottage and Small Industries Federation, Butwal.</span></span></p>
',
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			'created' => '2024-06-17',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21026',
			'image' => '20240617090159_DSC03114.jpg',
			'article_date' => '2024-06-17 21:01:27',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21297',
			'article_category_id' => '1',
			'title' => 'Petroleum Tanker Drivers Association Withdraws Protest following Four-Point Agreement   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.  ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the representatives of the association and the Nepal Oil Corporation that took place at the Ministry of Industry, Commerce and Supplies on Monday ended with the agreement, according to NOC Spokesperson Manoj Thakur.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the NOC Board of Directors and Commerce Secretary, Dinesh Kumar Ghimire, was present in the meeting. NOC Executive Director Dr Chandika Prasad Bhatta and Association Chair Ishwor Lama signed the agreement on behalf of their respective sides.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">This development is expected to ease the supply of petroleum products in the Kathmandu Valley, which was hampered due to the protest.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The association had decided to disrupt the supplies on Sunday, putting forth a seven-point demand.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The demands include appointment letters as ensured by the Labour Act, remunerations as fixed by the government, risk allowance, safety alert training in every three months, and their inclusion in the Social Security fund among others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As per the agreement, a sub-committee is to be formed under the coordination of the NOC Deputy Executive Director to present a report regarding the demands of the association and other relevant issues within the next 15 days. The committee has the representations from the ministry, the association as well as Independent Transport Workers Association of Nepal and the All Nepal Petroleum Workers&#39; Union. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'created' => '2024-06-17',
			'modified' => '2024-06-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21023',
			'image' => '20240617061138_20170425032710_birgunj.jpg',
			'article_date' => '2024-06-17 18:10:57',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21295',
			'article_category_id' => '1',
			'title' => 'Tax System Reform Committee Suggests Govt to Change Tax Structure',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. &nbsp;The Ministry of Finance on Sunday released the report which the committee had submitted its report to the government more than two months ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee determined that the government should adopt a policy of restructuring and reducing income tax rates. It has suggested that the personal income tax rates be consolidated into three slabs: 10%, 20%, and 25%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, the tax slabs are as follows: only a 1% social security tax is payable for those earning up to Rs 500,000 per annum. A 10% income tax is charged for the next slab of up to Rs 700,000. For income up to Rs 1 million, a 20% income tax is levied. For the next slab up to Rs 2 million, a 30% tax is levied. An additional slab of Rs 3 million attracts a 36% tax, while an annual income of more than Rs 5 million is taxed at 39%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee has suggested imposing an additional 20% surcharge on the final rate for those with an annual income of more than Rs 5 million. This means that those earning more than Rs 5 million annually will have to pay up to 45% tax on income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government revised the income tax system in the fiscal year 2075/76, setting the personal income tax slabs at 10%, 20%, and 30%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tax expert Chandramani Adhikari criticized the committee&#39;s suggestion as regressive. According to him, imposing an additional 20% surcharge on those with incomes over Rs 5 million may not be progressive. &quot;Individual income tax should be progressive, not just increased,&quot; he said. Adhikari emphasized that high taxes could hinder individuals&#39; ability to invest in health, education, and social security. He pointed out that when individuals contribute to social security, it supports large projects and provides returns to the country, which the state should consider.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Mallik-led committee also recommended gradually reducing the corporate income tax rate by 1% each year, from the current 25% to 20%, and keeping it stable for the next 10 years. The committee suggested maintaining a 30% corporate tax rate for alcohol and tobacco products and financial institutions, while reducing it to 25% for other businesses in this category. Additionally, it proposed a 10% tax rate for export trade and businesses, and a 20% rate for all other businesses.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee further suggested imposing a 7.5% tax on profits from securities held for more than 365 days and a 10% tax on interest for periods of 365 days or more. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lastly, the committee proposed canceling the current 1% social security tax and reducing the tax exemption on taxable personal income by 3% for the first 10 years, while making arrangements for a 5% social security contribution tax.</span></span></p>
',
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			'description' => '',
			'sortorder' => '21022',
			'image' => '20240617021741_1599400665.tax.jpg',
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		'Article' => array(
			'id' => '21296',
			'article_category_id' => '1',
			'title' => 'Supplies of Petro Products Disrupted due to Tanker Drivers' Protest   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. The association has launched a strike, presenting a seven-point list of demands.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Dr Chandika Prasad Bhatta, executive director of Nepal Oil Corporation (NOC), the corporation is in contact with the protesting drivers and expects a resolution by Monday night. Discussions between the two parties are scheduled for today (Monday) at the Ministry of Industry, Commerce, and Supplies.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Association claims that tanker drivers have been denied essential facilities for a long time and that repeated requests for these facilities have been ignored, prompting the strike. Their demands include appointment letters as mandated by the Labour Act, government-fixed remuneration, risk allowances, safety alert training every three months, and inclusion in the social security fund.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On June 11, the Association sent a notice to the NOC, warning of the protest if their demands were not met within a few days.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Under the Essential Commodities Control (Authorization) Act, 2017 (1961), petroleum products are classified as essential commodities, and their supply for general use cannot be legally obstructed. -- RSS</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'sortorder' => '21021',
			'image' => '20240617022425_20171026114339_20171026065316_Clipboard01.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21293',
			'article_category_id' => '1',
			'title' => 'Should Income Tax Be Paid from Income or by Taking a Loan from the Bank?',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Om Prakash Khanal</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. The government has increased the advance income tax to 10 percent through the budget for the next fiscal year (FY) 2081/82. There is a provision that such tax must be settled in the same year and cannot be transferred to the next fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importer Om Prakash More argues that this system of income tax violates universal principles and norms of taxation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The government has imposed a 10 percent income tax on goods but it is not possible to generate income from those goods to pay that much tax. Moreover, the requirement that the tax must be settled within the same year and cannot be carried forward is against the principles of taxation,&quot; said More.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The budget presented by Finance Minister Barshman Pun for the next fiscal year has provisions to collect 1.5 percent, 2.5 percent, and 10 percent income tax in advance. The 10 percent rate has been set for daily consumption goods. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Items subjected to 10 percent tax include potatoes, onions, pulses, vegetables, fish, and flour. Finance Minister Pun has stated that the policy of high-rate of advance income tax aims to boost domestic production and discourage imports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers argue that domestic production cannot meet local demand. Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses, and Oil Industry Association, says that the finance minister&#39;s statement lacks truth since most of the food industries in Nepal rely on imported raw materials.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the new system, up to 10 percent income tax must be paid at customs. However, traders claim this is exploitation and unjust to consumers. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, 20 percent income tax is imposed on production and 25 percent on business. Based on this, a 50% profit would be needed to justify paying a 10% income tax on the customs value of such goods. Moreover, if total profit exceeds 20 percent, it is legally considered black market activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As the tax paid in advance to customs cannot be carried over to the next year, authorities suggest it be shown as an expense. Businessmen argue it is against financial principles to take a loan to pay tax in advance in businesses where banks invest up to 70 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Income tax is a tax on earnings. It is not meant to be paid by taking a loan from the bank. Even general accounting principles do not allow it to be recorded as an expense,&quot; said More. The private sector claims that the rules of customs and internal revenue are contradictory. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Navneet Agarwal, a businessman, states that showing the income tax amount as an expense will directly affect the price of goods. &quot;It seems the government is trying to fill its coffers at the expense of common consumers, leading to higher prices. This will also increase the illegal import of such goods,&quot; said Agarwal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hari Gautam, Senior Vice President of the Birgunj Chamber of Commerce and Industry, agrees with Agarwal. Gautam claims that the burden of advance income tax will increase the price of goods and that illegal imports through the open border with India will rise. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This policy will lead to the smuggling of most daily consumables, except for petroleum products, vehicles, and industrial raw materials. Illegal imports of pulses, rice, flour, clothing, and electrical equipment will increase,&quot; he said. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers, demanding the removal of the 10 percent advance income tax, have not released hundreds of containers of goods that have arrived at border customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Gautam notes that due to the excessive tax imposed by customs, the price difference between goods in the market of Nepal and India is significant, leading to illegal imports. The private sector claims that smuggling has increased, with goods being delivered to homes at a lower cost than the market price.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Most Indian goods are being imported illegally. In an attempt to collect more revenue, the government is losing revenue and facilitating illegal activities,&quot; said a businessman. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Private sector stakeholders claim that maintaining high customs revenue creates an environment that fosters illegal trade which benefits high ranking government officials. As a result, they adopt a policy to maintain high customs duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '21292',
			'article_category_id' => '1',
			'title' => 'Political Tug-of-War Delays Appointment of SEBON Chairman',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the recommendation committee formed for the appointment of SEBON chairman shortlisted five of the 19 applicants on April 7, the appointment process was delayed because the finance minister was dissatisfied with the recommended names, a member of the committee told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the Ministry of Finance suddenly issued a notice on June 14, calling the five shortlisted candidates to present their business plan and interview on June 16.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Only two out of five candidates showed up for the presentation and interview. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Secretary Madhu Kumar Marasini informed that only Santosh Narayan Shrestha and Muktinath Shrestha attended the interview. Santosh Narayan is a businessman, while Muktinath is an executive director in the Securities Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Another Executive Director of SEBON, Dr Navaraj Adhikari; Chief Executive Officer of the Nepal Stock Exchange (NEPSE), Krishna Bahadur Karki; and former Chairman of the Nepal Insurance Authority (then Insurance Board of Nepal) Chiranjeevi Chapagai were not present at the interview, confirmed Marasini. For those who were absent, the Ministry of Finance has issued another notice, stating that the interview will be conducted on Wednesday at 9 am.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates who were absent on Sunday are considered close to the ruling CPN (Maoist Center). However, sources claimed that these candidates were discouraged from participating in the presentation and interview to delay the appointment process due to differences between KP Sharma Oli, chairman of the other ruling party CPN (UML), and the Maoist leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UML Chairman Oli has been pressuring for the appointment of Santosh Narayan Shrestha, while the Maoist leadership prefers other candidates, leading to the delay in the appointment process, according to sources in the Ministry of Finance and SEBON.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sources claim that after two months of political negotiations, the Ministry of Finance issued a notice to move the process forward following an agreement to appoint Santosh Narayan Shrestha as the chairman of SEBON. The absence of three candidates in the interview highlighted the dissatisfaction within the Maoist central leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the current legal system, at least three candidates must be recommended for the appointment to the post of SEBON chairman. Section 7 of the Securities Act, 2063, mandates that the committee should recommend the names of at least three qualified persons.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Due to this requirement, the interview on Sunday could not proceed, and thus another interview was scheduled for Wednesday. It remains unclear what will happen if the remaining candidates do not participate again, as the law does not address this scenario.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Some have linked this appointment process to the interests of business houses vying for the license of a new stock exchange. Three companies&mdash;Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited&mdash;have applied for the new stock exchange license. One eligible company will receive the new stock exchange license. </span></span></p>
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			'sortorder' => '21018',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21291',
			'article_category_id' => '1',
			'title' => 'Capital Expenditure Stands at 44 Percent in 11 Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government’s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The government&rsquo;s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). Meanwhile, the government has spent 72.6 percent of the budget on current expenses and 72.7 percent on financial management, according to the Financial Comptroller General Office (FCGO).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For the current year, the government had proposed a budget of Rs 1751.31 billion. Of this amount, Rs 1141.78 billion was allocated for current expenses, out of which Rs 822.8 billion has been spent by mid-June.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The capital budget was set at Rs 302.74 billion, with only Rs 134.97 billion (44.68 percent) spent so far. Under the financial management heading, 72.7 percent of the allocated budget of Rs 307.45 billion has been spent, totaling Rs 223.5 billion. This budget is primarily used to pay interest on government debt.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to FCGO statistics, government revenue collection up to this period is only 64.15 percent of the annual target. The government had aimed to collect Rs 1472.48 billion in revenue for the current fiscal year, with Rs 1305.49 billion expected from tax revenue. So far, only 63.5 percent (Rs 829.3 billion) of the tax revenue target has been achieved.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In terms of non-tax revenue, the government had set a target of Rs 107.62 billion, but has collected only Rs 90 billion, which is 77 percent of the target. Additionally, the government had set the aim to collect Rs 49.94 billion in foreign grants for the fiscal year, but has only received 5.52 percent of the target, amounting to Rs 2.758 billion.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Critics argue that the public finance management sector is weak due to the failure to improve the country&#39;s economy. The low state of capital expenditure, increasing current and financial management expenses, inability to meet revenue targets, and failure to collect foreign grants are cited as major issues.</span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21017',
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			'article_date' => '2024-06-17 11:58:39',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21290',
			'article_category_id' => '1',
			'title' => 'UN Forecasts La Nina could Help Lower Temperatures this Year   ',
			'sub_title' => '',
			'summary' => 'GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations' weather agency said recently.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations&#39; weather agency said recently.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to AFP, the UN&#39;s World Meteorological Organization said in its latest update that the impact is likely to be felt in the next few months because the warming El Nino weather pattern -- which has helped fuel a spike in global temperatures and extreme weather around the world since mid-2023 -- &quot;is showing signs of ending&quot;.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO warned, however, that global temperatures would continue to rise in the long term due to human-induced climate change, which continues to make extreme weather worse and upend seasonal rainfall and temperature patterns, AFP reported citing the UN.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">La Nina refers to the cooling of the ocean surface temperatures in large swathes of the tropical Pacific Ocean, coupled with winds, rains and changes in atmospheric pressure.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In many locations, especially in the tropics, La Nina produces the opposite climate impacts to El Nino, which heats up the surface of the oceans, leading to drought in some parts of the world and triggering heavy downpours elsewhere, AFP further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the news agency, the WMO said there was a &quot;60 percent&quot; chance of La Nina conditions in the period from July to September and a &quot;70 percent&quot; likelihood during August-November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The chances of El Nino redeveloping are negligible, it added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Every month since June 2023, when El Nino returned, has set a new high temperature record, and 2023 was by far the warmest year on record globally.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO said the planet would continue to heat up overall from the use of fossil fuels that produce greenhouse gases.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The end of El Nino does not mean a pause in long-term climate change, as our planet will continue to warm due to heat-trapping greenhouse gases,&quot; WMO deputy secretary general Ko Barrett stressed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Exceptionally high sea surface temperatures will continue to play an important role during next months.&quot;&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Much of the planet&#39;s excess heat from climate change is stored in the oceans.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the United States, the National Oceanic and Atmospheric Administration has already factored the expected La Nina into its forecasts for this year&#39;s Atlantic hurricane season.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NOAA said it expected four to seven major hurricanes in the Atlantic between June and November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The upcoming Atlantic hurricane season is expected to have above-normal activity due to a confluence of factors, including near-record warm ocean temperatures in the Atlantic Ocean, development of La Nina conditions in the Pacific, reduced Atlantic trade winds and less wind shear,&quot; the NOAA said on May 23.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO noted that the past nine years had been the warmest on record, even with the cooling influence of a La Nina event that lasted from 2020 to early 2023.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The latest El Nino, which peaked in December, was one of the five strongest on record.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Our weather will continue to be more extreme because of the extra heat and moisture in our atmosphere,&quot; Barrett said.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO has made it a priority to ensure that all regions of the world are covered by early warning systems by 2027, particularly the least well-equipped, such as Africa.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Seasonal forecasts for El Nino and La Nina, and the anticipated impacts on the climate patterns globally, are an important tool to inform early warnings and early action,&quot; Barrett said. -- AFP&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '21289',
			'article_category_id' => '1',
			'title' => 'Bangladesh beat Nepal by 21 Runs to End World Cup Hopes  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With this match, the equation of Group D in the World Cup has been completed. South Africa and Bangladesh reached the second round of the World Cup from the group while Nepal, the Netherlands and Sri Lanka have been knocked out of the group stage.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">South Africa reached the Super Eight with eight points, while Bangladesh having six points also made it to the next round.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Nepali leg-spinner Sandeep Lamichhane however has set a new record by taking 100 wickets in his 54th match of T20 International cricket.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the match against Bangladesh, he took two wickets and completed 100 wickets. This is Sandeep&#39;s second match in the ongoing World Cup.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Rashid Khan of Afghanistan has a record of taking 100 wickets in 53 matches, the lowest in T20 Internationals.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chasing the target of 107 runs set by Bangladesh to win, Nepal were bundled out for 85 runs losing all wickets in 19.2 overs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Malla top-scored for Nepal with 27 runs. He scored 27 runs off 40 balls with one four and a six. Dipendra Singh Airee scored 25 runs off 31 balls with two fours and a six. Apart from Asif Sheikh, who scored 17 runs off 14 balls with four fours, other players could not score in double digit.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Bhurtel was dismissed for four runs while Rohit Kumar Poudel and Sandeep Jora were dismissed for one run each.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Anil Shah, Gulshan Jha, Sompal Kami, Sandeep Lamichhane and Abhinash Bohora were dismissed for zero.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Tanzim Hasan took four wickets for Bangladesh to limit Nepal&#39;s batting performance. Likewise, Sakib Hasan took two and Taskin Ahmad one wicket for Bangladesh.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Invited to bat first after losing toss, Bangladesh had scored 106 runs at the loss of all wickets in 19.3 overs. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '21288',
			'article_category_id' => '1',
			'title' => 'Manakamana Cable Car Service to be Closed for 50 Days for Upgradation',
			'sub_title' => '',
			'summary' => 'Nepal's first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car's digital system.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 16: Nepal&#39;s first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car&#39;s digital system.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy General Manager Ujjwal Sherchan of Manakamana Darshan Pvt. Ltd. stated that the current &#39;analog&#39; technology of the cable cars will be upgraded to a modern digital system using fiber technology. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In addition to the digital system upgrade, the main cable wire, which has been in use for 26 years, will be replaced. Skilled technicians from the Australian company Doppelmayr will carry out the upgrade work.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The upgrade will be conducted in various stages to ensure comprehensive improvements.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Manakamana cable car service, operational since November 24, 1998, serves pilgrims traveling to a famous religious site in Sahid Lakhan Rural Municipality of Gorkha district.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Despite the suspension of the cable car service, the restaurant at the bottom station located in Ichchhakamana-4 Kurintar (Cheres) in Chitwan will remain open for visitors. (RSS) </span></span></p>

<p>&nbsp;</p>
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			'id' => '21286',
			'article_category_id' => '1',
			'title' => '25 Percent Foreign Investments Approved Through Automatic Route',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. Applicants using the automatic route receive their foreign investment approval letters via email immediately after submitting their applications, with company registration occurring simultaneously. The government currently allows the registration of foreign investment companies with up to Rs 500 million through this automatic route, with no minimum investment limit for IT-based industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Industry has developed an electronic system for approving foreign investments automatically. Investors can log into this system, fill in the required details, and if all the information is correct, they receive investment approval automatically. Since the implementation of the automatic route in May, 90 projects have been approved, with a total proposed investment of Rs 11.18 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In addition to the automatic route, investments are also accepted through the traditional system. In the old system, investment is approved through meetings and decisions. Combining both processes, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects in the first 11 months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Department of Industry, 25 percent of the total foreign investment approvals in these 11 months were through the automatic system. Investment commitments worth Rs 8.28 billion have been received for 68 projects via the automatic route, indicating its ease for investors.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Shankar Singh Dhami, director of the Foreign Investment and Technology Transfer branch of the department, stated that the automatic route has gained popularity because it simplifies the investment approval process. Most of the investment proposals through the automatic route are in the tourism sector (49%), followed by the service sector (31%), information and technology (16%), and productive and agricultural industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Comparing the current year 2080/81 to the previous year 2079/80, foreign investment commitments in Nepal have increased by 28.39 percent. In the 11 months of 2080/81, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects, compared to Rs 34.58 billion across 274 projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;The increase in foreign investment commitments is due to amendments in laws to facilitate foreign investment, the implementation of the automatic route, and positive outcomes from the investment summit,&quot; Dhami explained. In mid-April to mid-May alone, investment commitments for 90 projects amounted to Rs 11.18 billion, a significant increase from Rs 4.97 billion committed for 57 projects in the corresponding period of the previous year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As usual, the investment projects approved by the Department of Industry, which handles investments up to a maximum of Rs 6 billion, were mostly small in scale. In the 11th month of the current year, many small industry projects were approved, with fewer large-scale investments. The department approved 341 small, 14 medium, and 4 large projects in the review period, compared to 247 small, 22 medium, and 5 large projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the projects in the current year relate to the tourism sector, with 176 projects approved. Additionally, 114 service sector projects, 40 productive projects, and 11 information, communication, and technology projects were approved. The least approved projects were in the energy and mineral industries.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21304',
			'article_category_id' => '1',
			'title' => 'Nepal has Initiated Steps for Economic Reforms, PM Tells WB's Senior MD Trotsenburg   ',
			'sub_title' => 'Third Replenishment Meeting of IDA Begins Today',
			'summary' => 'KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. Prime Minister Pushpa Kamal Dahal said so during a meeting with a visiting delegation of World Bank, led by Senior Managing Director (MD), Axel van Trotsenburg, who paid a courtesy call on Prime Minister Dahal at the latter&#39;s official residence in Baluwatar on Monday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the PM&#39;s secretariat, the two discussed issues related to Nepal&#39;s development, the World Bank&#39;s support to Nepal&#39;s development endavours and other aspects.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The World Bank&rsquo;s Senior Managing Director Axel van Trotsenburg arrived in Kathmandu on Monday on his official visit to Nepal to chair the Third Replenishment Meeting of the the International Development Association (IDA), the World Bank&rsquo;s fund for low-income countries.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, the PM thanked the World Bank, as a stable development partner, for providing reliable resources for Nepal&#39;s development and financing for the past six decades.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that his government has initiated steps for economic reforms through the new budget and policy reform, the PM assured the World Bank&#39;s Senior Managing Director of favourable environment for foreign investment and prudent financial management.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The PM shared that energy, tourism, agriculture business and information technology are the key sectors of comparative advantages in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that Nepal has been seriously impacted by climate change, PM Dahal said Nepal has been regularly advocating for climate justice in the international forums and hoped that the World Bank will have a crucial support for Nepal in this effort.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, Trotsenburg pledged the World Bank&#39;s support to Nepal&#39;s economic development.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Trotsenburg is scheduled to chair the Third IDA21 Replenishment Meeting hosted by the government in Kathmandu on June 18-21.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The International Development Association (IDA) is working with donors and borrowing countries to replenish resources that will be used to deliver on global development goals, according to the World Bank.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four-day IDA21 meeting will bring together officials from 65 donor governments and representatives of borrowing member countries to discuss the proposed IDA21 policy focusing on areas such as people, planet, prosperity, infrastructure, and digitalization. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21302',
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			'title' => 'Adverse Weather Disrupts Flights at Lukla Airport for Ten Days, Tourists Stranded  ',
			'sub_title' => '',
			'summary' => 'SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten  days, leaving the tourists stranded in the Everest region. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten&nbsp; days, leaving the tourists stranded in the Everest region.&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The tourists visiting the Khumbu region, which is home to the world&rsquo;s highest peak, have been badly affected by the disruption in air service.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Diwas Dahal, air controller at the Civil Aviation Authority of Nepal (CAN) office based in Lukla, informed the state-owned RSS that fog and poor visibility are to be blamed for the disruption in air services. Both aircraft and helicopters are not able to conduct flights since June 8.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;It is the time for foreign tourists to return to Kathmandu after traveling to the Everest region. The number of tourists leaving the district is more than the arrivals. But adverse weather has taken a toll on air service,&quot; Dahal added. All flight schedules have been cancelled for ten days. Thick fog has caused poor visibility, he added.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Dahal informed that some helicopters were operated from Surke helipad located downhill to Lukla, where the weather is relatively clear.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Meanwhile, travellers can get vehicles bound for Kathmandu after four-hour trek down from Lukla airport. There is also an option for the tourists to ride from Thamdanda to Kathmandu in jeep.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Thamdanda lies 70-km away from Salleri bazaar, the district headquarters of Solukhumbu.&nbsp; A jeep ride from Salleri to Kathmandu covering a distance of 275 kilometers costs Rs 2,000 per person. -- RSS</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '21303',
			'article_category_id' => '1',
			'title' => ''State Treasury Could Generate Rs 300 Billion More in Revenue if Tax System is Reformed'  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has suggested several changes: eliminating the provision to write off value-added tax on certain goods, amending the existing income tax cap, waiving excise duty except on goods harmful to human health, imposing a green tax, revising the social security tax, and increasing the amount of digital payments while discouraging cash transactions.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government established the four-member committee under the chairmanship of Bidhyadhar Mallik about nine months ago. The Mallik Committee submitted its report three months ago.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has proposed the establishment of an Implementation Facilitation and Monitoring Unit, to be led by the revenue secretary, for effective implementation of the tax system reform recommendations.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the report made public by the Ministry of Finance, if the reform measures were implemented, the country could generate an additional Rs 291 billion in revenue.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Laxman Aryal, Prof Dr Ram Prasad Gyawali, and Shyam Prasad Dahal were the members of the committee. The committee chair Mallik stated that the revenue projection was based on extensive study and sectoral calculations. &quot;This is a tough job but not impossible,&quot; Mallik argued.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The upcoming fiscal year&#39;s budget has included the idea of implementing the committee&#39;s recommendations. Chairman Mallik expressed hope for the implementation of the report&#39;s recommendations, reasoning, &quot;The results will be positive if the recommendations are implemented in three to five years.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, Aryal, a former secretary with extensive expertise in the tax system and revenue administration, stated that the projection of Rs 300 billion in additional revenue is based on the current context and will likely be higher in the future. &quot;The report has clearly outlined how and from where this is possible,&quot; Aryal added. --RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-18',
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		'Article' => array(
			'id' => '21301',
			'article_category_id' => '1',
			'title' => 'Finance Minister Pun Welcomes World Bank's Country Director for Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barsha Man Pun wished newly appointed World Bank’s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU:&nbsp;</span></span></span><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Barsha Man Pun wished newly appointed World Bank&rsquo;s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure at a reception event organized on his arrival to Nepal. He also expressed his confidence that Sislen&#39;s tenure would be successful in the continuation of the efforts started during the term of the outgoing country director Faris Hadad-Zervos and for further cooperation as well.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Pun said that he was happy to welcome Sislen on the eve of the World Bank Group&#39;s International Development Organization (IDA-21) meeting in Nepal starting from Tuesday. He mentioned that the relationship between Nepal and the World Bank reached new heights during the tenure of the outgoing Country Director Zervos.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Prior to this position, Sislen was the Practice Manager for Urban and Disaster Risk Management for Europe and Central Asia at the World Bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">He holds Master&rsquo;s degrees in Economics and Geography from Johns Hopkins University and Macalester College (USA) and has worked extensively on issues of infrastructure, urban development, and decentralized service delivery in Europe, Latin America, Africa, and East Asia and the Pacific. -- RSS</span></span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21027',
			'image' => '20240618091632_20240617083148_20240215010906_World.jpg',
			'article_date' => '2024-06-18 09:15:53',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21300',
			'article_category_id' => '1',
			'title' => 'NBA Organises Financial Literacy and Entrepreneurship Training for Women Entrepreneurs in Butwal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs. They made such remarks during a one-day training program on financial literacy and entrepreneurship for women entrepreneurs organized by New Business Age Private Limited in Butwal. The event was sponsored by Siddharth Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speaking at the event, Madan Lamsal, chairman of the event and editor-in-chief of New Business Age, said that unless women are encouraged to enter into entrepreneurship, it will be difficult to develop entrepreneurship in the country. He mentioned that New Business Age has been conducting financial literacy and entrepreneurship training for women in various parts of the country for several years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the chief guest of the program, Khel Raj Pandey, mayor of Butwal Sub-Metropolitan City, highlighted that the city provides various training programs for women entrepreneurs and plans to continue these initiatives.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This year, 500 women entrepreneurs received various skill trainings, especially in the productive sector. We aim to provide similar training to about 3,000 women entrepreneurs annually starting from the upcoming fiscal year,&quot; he said. The mayor also mentioned that Butwal Sub-Metropolitan City offers training on expense reduction and money-saving techniques.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Basanti Pradhan, vice president of the Federation of Women&#39;s Entrepreneurs Association Nepal (FWEAN), noted that people can become entrepreneurs by solving various problems.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;I want to emphasize that even your interests can be turned into a business. To do this, you need to improve skills such as product quality, packaging, and marketing,&quot; she said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sagun Khanal discussed how to become a successful entrepreneur as well as various facilities provided by government agencies and banks to women entrepreneurs, and how to obtain these facilities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Yagya Prasad Pageni, ward chair of Ward No 8 in Butwal, pointed out that some entrepreneurs divert loans from banks to other sectors like real estate and the stock market. He stressed that loans should be used for the ventures for which they were intended.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chandradev Paudyal, head of Siddharth Bank&rsquo;s Butwal Branch, shed light on various facilities the bank offers to women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Anita Devi Chudali, president of Women Entrepreneurs Association, Rupandehi, and Sheila Nepali, president of Women Entrepreneurs Association, Karnali, expressed their satisfaction with the usefulness of the training for women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 140 women entrepreneurs participated in the program held at Siddharth Cottage, Butwal, including Central Treasurer of FWEAN Sabita Subedi and officials from the Nepal Cottage and Small Industries Federation, Butwal.</span></span></p>
',
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			'description' => '',
			'sortorder' => '21026',
			'image' => '20240617090159_DSC03114.jpg',
			'article_date' => '2024-06-17 21:01:27',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21297',
			'article_category_id' => '1',
			'title' => 'Petroleum Tanker Drivers Association Withdraws Protest following Four-Point Agreement   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.  ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the representatives of the association and the Nepal Oil Corporation that took place at the Ministry of Industry, Commerce and Supplies on Monday ended with the agreement, according to NOC Spokesperson Manoj Thakur.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the NOC Board of Directors and Commerce Secretary, Dinesh Kumar Ghimire, was present in the meeting. NOC Executive Director Dr Chandika Prasad Bhatta and Association Chair Ishwor Lama signed the agreement on behalf of their respective sides.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">This development is expected to ease the supply of petroleum products in the Kathmandu Valley, which was hampered due to the protest.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The association had decided to disrupt the supplies on Sunday, putting forth a seven-point demand.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The demands include appointment letters as ensured by the Labour Act, remunerations as fixed by the government, risk allowance, safety alert training in every three months, and their inclusion in the Social Security fund among others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As per the agreement, a sub-committee is to be formed under the coordination of the NOC Deputy Executive Director to present a report regarding the demands of the association and other relevant issues within the next 15 days. The committee has the representations from the ministry, the association as well as Independent Transport Workers Association of Nepal and the All Nepal Petroleum Workers&#39; Union. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21023',
			'image' => '20240617061138_20170425032710_birgunj.jpg',
			'article_date' => '2024-06-17 18:10:57',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21295',
			'article_category_id' => '1',
			'title' => 'Tax System Reform Committee Suggests Govt to Change Tax Structure',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. &nbsp;The Ministry of Finance on Sunday released the report which the committee had submitted its report to the government more than two months ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee determined that the government should adopt a policy of restructuring and reducing income tax rates. It has suggested that the personal income tax rates be consolidated into three slabs: 10%, 20%, and 25%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, the tax slabs are as follows: only a 1% social security tax is payable for those earning up to Rs 500,000 per annum. A 10% income tax is charged for the next slab of up to Rs 700,000. For income up to Rs 1 million, a 20% income tax is levied. For the next slab up to Rs 2 million, a 30% tax is levied. An additional slab of Rs 3 million attracts a 36% tax, while an annual income of more than Rs 5 million is taxed at 39%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee has suggested imposing an additional 20% surcharge on the final rate for those with an annual income of more than Rs 5 million. This means that those earning more than Rs 5 million annually will have to pay up to 45% tax on income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government revised the income tax system in the fiscal year 2075/76, setting the personal income tax slabs at 10%, 20%, and 30%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tax expert Chandramani Adhikari criticized the committee&#39;s suggestion as regressive. According to him, imposing an additional 20% surcharge on those with incomes over Rs 5 million may not be progressive. &quot;Individual income tax should be progressive, not just increased,&quot; he said. Adhikari emphasized that high taxes could hinder individuals&#39; ability to invest in health, education, and social security. He pointed out that when individuals contribute to social security, it supports large projects and provides returns to the country, which the state should consider.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Mallik-led committee also recommended gradually reducing the corporate income tax rate by 1% each year, from the current 25% to 20%, and keeping it stable for the next 10 years. The committee suggested maintaining a 30% corporate tax rate for alcohol and tobacco products and financial institutions, while reducing it to 25% for other businesses in this category. Additionally, it proposed a 10% tax rate for export trade and businesses, and a 20% rate for all other businesses.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee further suggested imposing a 7.5% tax on profits from securities held for more than 365 days and a 10% tax on interest for periods of 365 days or more. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lastly, the committee proposed canceling the current 1% social security tax and reducing the tax exemption on taxable personal income by 3% for the first 10 years, while making arrangements for a 5% social security contribution tax.</span></span></p>
',
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			'sortorder' => '21022',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21296',
			'article_category_id' => '1',
			'title' => 'Supplies of Petro Products Disrupted due to Tanker Drivers' Protest   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. The association has launched a strike, presenting a seven-point list of demands.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Dr Chandika Prasad Bhatta, executive director of Nepal Oil Corporation (NOC), the corporation is in contact with the protesting drivers and expects a resolution by Monday night. Discussions between the two parties are scheduled for today (Monday) at the Ministry of Industry, Commerce, and Supplies.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Association claims that tanker drivers have been denied essential facilities for a long time and that repeated requests for these facilities have been ignored, prompting the strike. Their demands include appointment letters as mandated by the Labour Act, government-fixed remuneration, risk allowances, safety alert training every three months, and inclusion in the social security fund.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On June 11, the Association sent a notice to the NOC, warning of the protest if their demands were not met within a few days.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Under the Essential Commodities Control (Authorization) Act, 2017 (1961), petroleum products are classified as essential commodities, and their supply for general use cannot be legally obstructed. -- RSS</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21021',
			'image' => '20240617022425_20171026114339_20171026065316_Clipboard01.jpg',
			'article_date' => '2024-06-17 14:23:12',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21293',
			'article_category_id' => '1',
			'title' => 'Should Income Tax Be Paid from Income or by Taking a Loan from the Bank?',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Om Prakash Khanal</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. The government has increased the advance income tax to 10 percent through the budget for the next fiscal year (FY) 2081/82. There is a provision that such tax must be settled in the same year and cannot be transferred to the next fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importer Om Prakash More argues that this system of income tax violates universal principles and norms of taxation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The government has imposed a 10 percent income tax on goods but it is not possible to generate income from those goods to pay that much tax. Moreover, the requirement that the tax must be settled within the same year and cannot be carried forward is against the principles of taxation,&quot; said More.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The budget presented by Finance Minister Barshman Pun for the next fiscal year has provisions to collect 1.5 percent, 2.5 percent, and 10 percent income tax in advance. The 10 percent rate has been set for daily consumption goods. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Items subjected to 10 percent tax include potatoes, onions, pulses, vegetables, fish, and flour. Finance Minister Pun has stated that the policy of high-rate of advance income tax aims to boost domestic production and discourage imports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers argue that domestic production cannot meet local demand. Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses, and Oil Industry Association, says that the finance minister&#39;s statement lacks truth since most of the food industries in Nepal rely on imported raw materials.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the new system, up to 10 percent income tax must be paid at customs. However, traders claim this is exploitation and unjust to consumers. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, 20 percent income tax is imposed on production and 25 percent on business. Based on this, a 50% profit would be needed to justify paying a 10% income tax on the customs value of such goods. Moreover, if total profit exceeds 20 percent, it is legally considered black market activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As the tax paid in advance to customs cannot be carried over to the next year, authorities suggest it be shown as an expense. Businessmen argue it is against financial principles to take a loan to pay tax in advance in businesses where banks invest up to 70 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Income tax is a tax on earnings. It is not meant to be paid by taking a loan from the bank. Even general accounting principles do not allow it to be recorded as an expense,&quot; said More. The private sector claims that the rules of customs and internal revenue are contradictory. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Navneet Agarwal, a businessman, states that showing the income tax amount as an expense will directly affect the price of goods. &quot;It seems the government is trying to fill its coffers at the expense of common consumers, leading to higher prices. This will also increase the illegal import of such goods,&quot; said Agarwal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hari Gautam, Senior Vice President of the Birgunj Chamber of Commerce and Industry, agrees with Agarwal. Gautam claims that the burden of advance income tax will increase the price of goods and that illegal imports through the open border with India will rise. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This policy will lead to the smuggling of most daily consumables, except for petroleum products, vehicles, and industrial raw materials. Illegal imports of pulses, rice, flour, clothing, and electrical equipment will increase,&quot; he said. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers, demanding the removal of the 10 percent advance income tax, have not released hundreds of containers of goods that have arrived at border customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Gautam notes that due to the excessive tax imposed by customs, the price difference between goods in the market of Nepal and India is significant, leading to illegal imports. The private sector claims that smuggling has increased, with goods being delivered to homes at a lower cost than the market price.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Most Indian goods are being imported illegally. In an attempt to collect more revenue, the government is losing revenue and facilitating illegal activities,&quot; said a businessman. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Private sector stakeholders claim that maintaining high customs revenue creates an environment that fosters illegal trade which benefits high ranking government officials. As a result, they adopt a policy to maintain high customs duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '21292',
			'article_category_id' => '1',
			'title' => 'Political Tug-of-War Delays Appointment of SEBON Chairman',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the recommendation committee formed for the appointment of SEBON chairman shortlisted five of the 19 applicants on April 7, the appointment process was delayed because the finance minister was dissatisfied with the recommended names, a member of the committee told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the Ministry of Finance suddenly issued a notice on June 14, calling the five shortlisted candidates to present their business plan and interview on June 16.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Only two out of five candidates showed up for the presentation and interview. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Secretary Madhu Kumar Marasini informed that only Santosh Narayan Shrestha and Muktinath Shrestha attended the interview. Santosh Narayan is a businessman, while Muktinath is an executive director in the Securities Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Another Executive Director of SEBON, Dr Navaraj Adhikari; Chief Executive Officer of the Nepal Stock Exchange (NEPSE), Krishna Bahadur Karki; and former Chairman of the Nepal Insurance Authority (then Insurance Board of Nepal) Chiranjeevi Chapagai were not present at the interview, confirmed Marasini. For those who were absent, the Ministry of Finance has issued another notice, stating that the interview will be conducted on Wednesday at 9 am.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates who were absent on Sunday are considered close to the ruling CPN (Maoist Center). However, sources claimed that these candidates were discouraged from participating in the presentation and interview to delay the appointment process due to differences between KP Sharma Oli, chairman of the other ruling party CPN (UML), and the Maoist leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UML Chairman Oli has been pressuring for the appointment of Santosh Narayan Shrestha, while the Maoist leadership prefers other candidates, leading to the delay in the appointment process, according to sources in the Ministry of Finance and SEBON.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sources claim that after two months of political negotiations, the Ministry of Finance issued a notice to move the process forward following an agreement to appoint Santosh Narayan Shrestha as the chairman of SEBON. The absence of three candidates in the interview highlighted the dissatisfaction within the Maoist central leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the current legal system, at least three candidates must be recommended for the appointment to the post of SEBON chairman. Section 7 of the Securities Act, 2063, mandates that the committee should recommend the names of at least three qualified persons.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Due to this requirement, the interview on Sunday could not proceed, and thus another interview was scheduled for Wednesday. It remains unclear what will happen if the remaining candidates do not participate again, as the law does not address this scenario.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Some have linked this appointment process to the interests of business houses vying for the license of a new stock exchange. Three companies&mdash;Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited&mdash;have applied for the new stock exchange license. One eligible company will receive the new stock exchange license. </span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '21291',
			'article_category_id' => '1',
			'title' => 'Capital Expenditure Stands at 44 Percent in 11 Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government’s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The government&rsquo;s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). Meanwhile, the government has spent 72.6 percent of the budget on current expenses and 72.7 percent on financial management, according to the Financial Comptroller General Office (FCGO).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For the current year, the government had proposed a budget of Rs 1751.31 billion. Of this amount, Rs 1141.78 billion was allocated for current expenses, out of which Rs 822.8 billion has been spent by mid-June.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The capital budget was set at Rs 302.74 billion, with only Rs 134.97 billion (44.68 percent) spent so far. Under the financial management heading, 72.7 percent of the allocated budget of Rs 307.45 billion has been spent, totaling Rs 223.5 billion. This budget is primarily used to pay interest on government debt.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to FCGO statistics, government revenue collection up to this period is only 64.15 percent of the annual target. The government had aimed to collect Rs 1472.48 billion in revenue for the current fiscal year, with Rs 1305.49 billion expected from tax revenue. So far, only 63.5 percent (Rs 829.3 billion) of the tax revenue target has been achieved.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In terms of non-tax revenue, the government had set a target of Rs 107.62 billion, but has collected only Rs 90 billion, which is 77 percent of the target. Additionally, the government had set the aim to collect Rs 49.94 billion in foreign grants for the fiscal year, but has only received 5.52 percent of the target, amounting to Rs 2.758 billion.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Critics argue that the public finance management sector is weak due to the failure to improve the country&#39;s economy. The low state of capital expenditure, increasing current and financial management expenses, inability to meet revenue targets, and failure to collect foreign grants are cited as major issues.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21290',
			'article_category_id' => '1',
			'title' => 'UN Forecasts La Nina could Help Lower Temperatures this Year   ',
			'sub_title' => '',
			'summary' => 'GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations' weather agency said recently.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations&#39; weather agency said recently.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to AFP, the UN&#39;s World Meteorological Organization said in its latest update that the impact is likely to be felt in the next few months because the warming El Nino weather pattern -- which has helped fuel a spike in global temperatures and extreme weather around the world since mid-2023 -- &quot;is showing signs of ending&quot;.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO warned, however, that global temperatures would continue to rise in the long term due to human-induced climate change, which continues to make extreme weather worse and upend seasonal rainfall and temperature patterns, AFP reported citing the UN.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">La Nina refers to the cooling of the ocean surface temperatures in large swathes of the tropical Pacific Ocean, coupled with winds, rains and changes in atmospheric pressure.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In many locations, especially in the tropics, La Nina produces the opposite climate impacts to El Nino, which heats up the surface of the oceans, leading to drought in some parts of the world and triggering heavy downpours elsewhere, AFP further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the news agency, the WMO said there was a &quot;60 percent&quot; chance of La Nina conditions in the period from July to September and a &quot;70 percent&quot; likelihood during August-November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The chances of El Nino redeveloping are negligible, it added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Every month since June 2023, when El Nino returned, has set a new high temperature record, and 2023 was by far the warmest year on record globally.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO said the planet would continue to heat up overall from the use of fossil fuels that produce greenhouse gases.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The end of El Nino does not mean a pause in long-term climate change, as our planet will continue to warm due to heat-trapping greenhouse gases,&quot; WMO deputy secretary general Ko Barrett stressed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Exceptionally high sea surface temperatures will continue to play an important role during next months.&quot;&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Much of the planet&#39;s excess heat from climate change is stored in the oceans.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the United States, the National Oceanic and Atmospheric Administration has already factored the expected La Nina into its forecasts for this year&#39;s Atlantic hurricane season.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NOAA said it expected four to seven major hurricanes in the Atlantic between June and November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The upcoming Atlantic hurricane season is expected to have above-normal activity due to a confluence of factors, including near-record warm ocean temperatures in the Atlantic Ocean, development of La Nina conditions in the Pacific, reduced Atlantic trade winds and less wind shear,&quot; the NOAA said on May 23.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO noted that the past nine years had been the warmest on record, even with the cooling influence of a La Nina event that lasted from 2020 to early 2023.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The latest El Nino, which peaked in December, was one of the five strongest on record.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Our weather will continue to be more extreme because of the extra heat and moisture in our atmosphere,&quot; Barrett said.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO has made it a priority to ensure that all regions of the world are covered by early warning systems by 2027, particularly the least well-equipped, such as Africa.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Seasonal forecasts for El Nino and La Nina, and the anticipated impacts on the climate patterns globally, are an important tool to inform early warnings and early action,&quot; Barrett said. -- AFP&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21289',
			'article_category_id' => '1',
			'title' => 'Bangladesh beat Nepal by 21 Runs to End World Cup Hopes  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With this match, the equation of Group D in the World Cup has been completed. South Africa and Bangladesh reached the second round of the World Cup from the group while Nepal, the Netherlands and Sri Lanka have been knocked out of the group stage.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">South Africa reached the Super Eight with eight points, while Bangladesh having six points also made it to the next round.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Nepali leg-spinner Sandeep Lamichhane however has set a new record by taking 100 wickets in his 54th match of T20 International cricket.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the match against Bangladesh, he took two wickets and completed 100 wickets. This is Sandeep&#39;s second match in the ongoing World Cup.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Rashid Khan of Afghanistan has a record of taking 100 wickets in 53 matches, the lowest in T20 Internationals.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chasing the target of 107 runs set by Bangladesh to win, Nepal were bundled out for 85 runs losing all wickets in 19.2 overs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Malla top-scored for Nepal with 27 runs. He scored 27 runs off 40 balls with one four and a six. Dipendra Singh Airee scored 25 runs off 31 balls with two fours and a six. Apart from Asif Sheikh, who scored 17 runs off 14 balls with four fours, other players could not score in double digit.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Bhurtel was dismissed for four runs while Rohit Kumar Poudel and Sandeep Jora were dismissed for one run each.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Anil Shah, Gulshan Jha, Sompal Kami, Sandeep Lamichhane and Abhinash Bohora were dismissed for zero.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Tanzim Hasan took four wickets for Bangladesh to limit Nepal&#39;s batting performance. Likewise, Sakib Hasan took two and Taskin Ahmad one wicket for Bangladesh.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Invited to bat first after losing toss, Bangladesh had scored 106 runs at the loss of all wickets in 19.3 overs. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21288',
			'article_category_id' => '1',
			'title' => 'Manakamana Cable Car Service to be Closed for 50 Days for Upgradation',
			'sub_title' => '',
			'summary' => 'Nepal's first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car's digital system.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 16: Nepal&#39;s first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car&#39;s digital system.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy General Manager Ujjwal Sherchan of Manakamana Darshan Pvt. Ltd. stated that the current &#39;analog&#39; technology of the cable cars will be upgraded to a modern digital system using fiber technology. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In addition to the digital system upgrade, the main cable wire, which has been in use for 26 years, will be replaced. Skilled technicians from the Australian company Doppelmayr will carry out the upgrade work.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The upgrade will be conducted in various stages to ensure comprehensive improvements.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Manakamana cable car service, operational since November 24, 1998, serves pilgrims traveling to a famous religious site in Sahid Lakhan Rural Municipality of Gorkha district.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Despite the suspension of the cable car service, the restaurant at the bottom station located in Ichchhakamana-4 Kurintar (Cheres) in Chitwan will remain open for visitors. (RSS) </span></span></p>

<p>&nbsp;</p>
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			'id' => '21286',
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			'title' => '25 Percent Foreign Investments Approved Through Automatic Route',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. Applicants using the automatic route receive their foreign investment approval letters via email immediately after submitting their applications, with company registration occurring simultaneously. The government currently allows the registration of foreign investment companies with up to Rs 500 million through this automatic route, with no minimum investment limit for IT-based industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Industry has developed an electronic system for approving foreign investments automatically. Investors can log into this system, fill in the required details, and if all the information is correct, they receive investment approval automatically. Since the implementation of the automatic route in May, 90 projects have been approved, with a total proposed investment of Rs 11.18 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In addition to the automatic route, investments are also accepted through the traditional system. In the old system, investment is approved through meetings and decisions. Combining both processes, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects in the first 11 months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Department of Industry, 25 percent of the total foreign investment approvals in these 11 months were through the automatic system. Investment commitments worth Rs 8.28 billion have been received for 68 projects via the automatic route, indicating its ease for investors.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Shankar Singh Dhami, director of the Foreign Investment and Technology Transfer branch of the department, stated that the automatic route has gained popularity because it simplifies the investment approval process. Most of the investment proposals through the automatic route are in the tourism sector (49%), followed by the service sector (31%), information and technology (16%), and productive and agricultural industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Comparing the current year 2080/81 to the previous year 2079/80, foreign investment commitments in Nepal have increased by 28.39 percent. In the 11 months of 2080/81, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects, compared to Rs 34.58 billion across 274 projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;The increase in foreign investment commitments is due to amendments in laws to facilitate foreign investment, the implementation of the automatic route, and positive outcomes from the investment summit,&quot; Dhami explained. In mid-April to mid-May alone, investment commitments for 90 projects amounted to Rs 11.18 billion, a significant increase from Rs 4.97 billion committed for 57 projects in the corresponding period of the previous year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As usual, the investment projects approved by the Department of Industry, which handles investments up to a maximum of Rs 6 billion, were mostly small in scale. In the 11th month of the current year, many small industry projects were approved, with fewer large-scale investments. The department approved 341 small, 14 medium, and 4 large projects in the review period, compared to 247 small, 22 medium, and 5 large projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the projects in the current year relate to the tourism sector, with 176 projects approved. Additionally, 114 service sector projects, 40 productive projects, and 11 information, communication, and technology projects were approved. The least approved projects were in the energy and mineral industries.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Nepal has Initiated Steps for Economic Reforms, PM Tells WB's Senior MD Trotsenburg   ',
			'sub_title' => 'Third Replenishment Meeting of IDA Begins Today',
			'summary' => 'KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Government of Nepal has assured World Bank officials that the country has created a favourable environment for investment. Prime Minister Pushpa Kamal Dahal said so during a meeting with a visiting delegation of World Bank, led by Senior Managing Director (MD), Axel van Trotsenburg, who paid a courtesy call on Prime Minister Dahal at the latter&#39;s official residence in Baluwatar on Monday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the PM&#39;s secretariat, the two discussed issues related to Nepal&#39;s development, the World Bank&#39;s support to Nepal&#39;s development endavours and other aspects.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The World Bank&rsquo;s Senior Managing Director Axel van Trotsenburg arrived in Kathmandu on Monday on his official visit to Nepal to chair the Third Replenishment Meeting of the the International Development Association (IDA), the World Bank&rsquo;s fund for low-income countries.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, the PM thanked the World Bank, as a stable development partner, for providing reliable resources for Nepal&#39;s development and financing for the past six decades.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that his government has initiated steps for economic reforms through the new budget and policy reform, the PM assured the World Bank&#39;s Senior Managing Director of favourable environment for foreign investment and prudent financial management.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The PM shared that energy, tourism, agriculture business and information technology are the key sectors of comparative advantages in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Stating that Nepal has been seriously impacted by climate change, PM Dahal said Nepal has been regularly advocating for climate justice in the international forums and hoped that the World Bank will have a crucial support for Nepal in this effort.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">On the occasion, Trotsenburg pledged the World Bank&#39;s support to Nepal&#39;s economic development.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Trotsenburg is scheduled to chair the Third IDA21 Replenishment Meeting hosted by the government in Kathmandu on June 18-21.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The International Development Association (IDA) is working with donors and borrowing countries to replenish resources that will be used to deliver on global development goals, according to the World Bank.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The four-day IDA21 meeting will bring together officials from 65 donor governments and representatives of borrowing member countries to discuss the proposed IDA21 policy focusing on areas such as people, planet, prosperity, infrastructure, and digitalization. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2024-06-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21030',
			'image' => '20240618101821_PRO-KTM-1.JPG',
			'article_date' => '2024-06-18 10:17:37',
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	(int) 1 => array(
		'Article' => array(
			'id' => '21302',
			'article_category_id' => '1',
			'title' => 'Adverse Weather Disrupts Flights at Lukla Airport for Ten Days, Tourists Stranded  ',
			'sub_title' => '',
			'summary' => 'SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten  days, leaving the tourists stranded in the Everest region. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SOLUKHUMBU: Adverse weather has caused disruption of flights at the Tenzing Hillary Airport in Lukla for ten&nbsp; days, leaving the tourists stranded in the Everest region.&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The tourists visiting the Khumbu region, which is home to the world&rsquo;s highest peak, have been badly affected by the disruption in air service.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Diwas Dahal, air controller at the Civil Aviation Authority of Nepal (CAN) office based in Lukla, informed the state-owned RSS that fog and poor visibility are to be blamed for the disruption in air services. Both aircraft and helicopters are not able to conduct flights since June 8.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;It is the time for foreign tourists to return to Kathmandu after traveling to the Everest region. The number of tourists leaving the district is more than the arrivals. But adverse weather has taken a toll on air service,&quot; Dahal added. All flight schedules have been cancelled for ten days. Thick fog has caused poor visibility, he added.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Dahal informed that some helicopters were operated from Surke helipad located downhill to Lukla, where the weather is relatively clear.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Meanwhile, travellers can get vehicles bound for Kathmandu after four-hour trek down from Lukla airport. There is also an option for the tourists to ride from Thamdanda to Kathmandu in jeep.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Thamdanda lies 70-km away from Salleri bazaar, the district headquarters of Solukhumbu.&nbsp; A jeep ride from Salleri to Kathmandu covering a distance of 275 kilometers costs Rs 2,000 per person. -- RSS</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-18',
			'modified' => '2024-06-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21029',
			'image' => '20240618094105_maxresdefault.jpg',
			'article_date' => '2024-06-18 09:39:36',
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	(int) 2 => array(
		'Article' => array(
			'id' => '21303',
			'article_category_id' => '1',
			'title' => ''State Treasury Could Generate Rs 300 Billion More in Revenue if Tax System is Reformed'  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The High-Level Recommendation Committee on Tax System Reforms, formed by the government, has stated that the country could generate an additional Rs 300 billion if the tax systems were revised.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has suggested several changes: eliminating the provision to write off value-added tax on certain goods, amending the existing income tax cap, waiving excise duty except on goods harmful to human health, imposing a green tax, revising the social security tax, and increasing the amount of digital payments while discouraging cash transactions.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The government established the four-member committee under the chairmanship of Bidhyadhar Mallik about nine months ago. The Mallik Committee submitted its report three months ago.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The committee has proposed the establishment of an Implementation Facilitation and Monitoring Unit, to be led by the revenue secretary, for effective implementation of the tax system reform recommendations.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to the report made public by the Ministry of Finance, if the reform measures were implemented, the country could generate an additional Rs 291 billion in revenue.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Laxman Aryal, Prof Dr Ram Prasad Gyawali, and Shyam Prasad Dahal were the members of the committee. The committee chair Mallik stated that the revenue projection was based on extensive study and sectoral calculations. &quot;This is a tough job but not impossible,&quot; Mallik argued.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The upcoming fiscal year&#39;s budget has included the idea of implementing the committee&#39;s recommendations. Chairman Mallik expressed hope for the implementation of the report&#39;s recommendations, reasoning, &quot;The results will be positive if the recommendations are implemented in three to five years.&quot;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Similarly, Aryal, a former secretary with extensive expertise in the tax system and revenue administration, stated that the projection of Rs 300 billion in additional revenue is based on the current context and will likely be higher in the future. &quot;The report has clearly outlined how and from where this is possible,&quot; Aryal added. --RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-18',
			'modified' => '2024-06-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21028',
			'image' => '20240618100505_20240617083823_20221030050239_1667081609.11.jpg',
			'article_date' => '2024-06-18 10:04:30',
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	(int) 3 => array(
		'Article' => array(
			'id' => '21301',
			'article_category_id' => '1',
			'title' => 'Finance Minister Pun Welcomes World Bank's Country Director for Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Finance Minister Barsha Man Pun wished newly appointed World Bank’s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU:&nbsp;</span></span></span><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Barsha Man Pun wished newly appointed World Bank&rsquo;s Country Director for Nepal, Sri Lanka and the Maldives, David Sislen, a pleasant tenure at a reception event organized on his arrival to Nepal. He also expressed his confidence that Sislen&#39;s tenure would be successful in the continuation of the efforts started during the term of the outgoing country director Faris Hadad-Zervos and for further cooperation as well.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Finance Minister Pun said that he was happy to welcome Sislen on the eve of the World Bank Group&#39;s International Development Organization (IDA-21) meeting in Nepal starting from Tuesday. He mentioned that the relationship between Nepal and the World Bank reached new heights during the tenure of the outgoing Country Director Zervos.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Prior to this position, Sislen was the Practice Manager for Urban and Disaster Risk Management for Europe and Central Asia at the World Bank.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">He holds Master&rsquo;s degrees in Economics and Geography from Johns Hopkins University and Macalester College (USA) and has worked extensively on issues of infrastructure, urban development, and decentralized service delivery in Europe, Latin America, Africa, and East Asia and the Pacific. -- RSS</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-18',
			'modified' => '2024-06-20',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21027',
			'image' => '20240618091632_20240617083148_20240215010906_World.jpg',
			'article_date' => '2024-06-18 09:15:53',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21300',
			'article_category_id' => '1',
			'title' => 'NBA Organises Financial Literacy and Entrepreneurship Training for Women Entrepreneurs in Butwal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Stakeholders on Monday discussed how to become a successful entrepreneur and how to avail various facilities given by the government to women entrepreneurs. They made such remarks during a one-day training program on financial literacy and entrepreneurship for women entrepreneurs organized by New Business Age Private Limited in Butwal. The event was sponsored by Siddharth Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speaking at the event, Madan Lamsal, chairman of the event and editor-in-chief of New Business Age, said that unless women are encouraged to enter into entrepreneurship, it will be difficult to develop entrepreneurship in the country. He mentioned that New Business Age has been conducting financial literacy and entrepreneurship training for women in various parts of the country for several years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the chief guest of the program, Khel Raj Pandey, mayor of Butwal Sub-Metropolitan City, highlighted that the city provides various training programs for women entrepreneurs and plans to continue these initiatives.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This year, 500 women entrepreneurs received various skill trainings, especially in the productive sector. We aim to provide similar training to about 3,000 women entrepreneurs annually starting from the upcoming fiscal year,&quot; he said. The mayor also mentioned that Butwal Sub-Metropolitan City offers training on expense reduction and money-saving techniques.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Basanti Pradhan, vice president of the Federation of Women&#39;s Entrepreneurs Association Nepal (FWEAN), noted that people can become entrepreneurs by solving various problems.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;I want to emphasize that even your interests can be turned into a business. To do this, you need to improve skills such as product quality, packaging, and marketing,&quot; she said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sagun Khanal discussed how to become a successful entrepreneur as well as various facilities provided by government agencies and banks to women entrepreneurs, and how to obtain these facilities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Yagya Prasad Pageni, ward chair of Ward No 8 in Butwal, pointed out that some entrepreneurs divert loans from banks to other sectors like real estate and the stock market. He stressed that loans should be used for the ventures for which they were intended.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chandradev Paudyal, head of Siddharth Bank&rsquo;s Butwal Branch, shed light on various facilities the bank offers to women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Anita Devi Chudali, president of Women Entrepreneurs Association, Rupandehi, and Sheila Nepali, president of Women Entrepreneurs Association, Karnali, expressed their satisfaction with the usefulness of the training for women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 140 women entrepreneurs participated in the program held at Siddharth Cottage, Butwal, including Central Treasurer of FWEAN Sabita Subedi and officials from the Nepal Cottage and Small Industries Federation, Butwal.</span></span></p>
',
			'published' => true,
			'created' => '2024-06-17',
			'modified' => '2024-06-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '21026',
			'image' => '20240617090159_DSC03114.jpg',
			'article_date' => '2024-06-17 21:01:27',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21297',
			'article_category_id' => '1',
			'title' => 'Petroleum Tanker Drivers Association Withdraws Protest following Four-Point Agreement   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.  ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: The Nepal Petroleum Tanker Drivers Association has decided to withdraw its protest, with the signing of a four-point agreement with the government.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the representatives of the association and the Nepal Oil Corporation that took place at the Ministry of Industry, Commerce and Supplies on Monday ended with the agreement, according to NOC Spokesperson Manoj Thakur.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairman of the NOC Board of Directors and Commerce Secretary, Dinesh Kumar Ghimire, was present in the meeting. NOC Executive Director Dr Chandika Prasad Bhatta and Association Chair Ishwor Lama signed the agreement on behalf of their respective sides.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">This development is expected to ease the supply of petroleum products in the Kathmandu Valley, which was hampered due to the protest.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The association had decided to disrupt the supplies on Sunday, putting forth a seven-point demand.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The demands include appointment letters as ensured by the Labour Act, remunerations as fixed by the government, risk allowance, safety alert training in every three months, and their inclusion in the Social Security fund among others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As per the agreement, a sub-committee is to be formed under the coordination of the NOC Deputy Executive Director to present a report regarding the demands of the association and other relevant issues within the next 15 days. The committee has the representations from the ministry, the association as well as Independent Transport Workers Association of Nepal and the All Nepal Petroleum Workers&#39; Union. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'created' => '2024-06-17',
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			'sortorder' => '21023',
			'image' => '20240617061138_20170425032710_birgunj.jpg',
			'article_date' => '2024-06-17 18:10:57',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21295',
			'article_category_id' => '1',
			'title' => 'Tax System Reform Committee Suggests Govt to Change Tax Structure',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The Bidyadhar Mallik-led High Level Advisory Committee on Tax System Reform has recommended the government to change the income tax rate structure and to impose additional taxes on high-income earners. &nbsp;The Ministry of Finance on Sunday released the report which the committee had submitted its report to the government more than two months ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee determined that the government should adopt a policy of restructuring and reducing income tax rates. It has suggested that the personal income tax rates be consolidated into three slabs: 10%, 20%, and 25%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, the tax slabs are as follows: only a 1% social security tax is payable for those earning up to Rs 500,000 per annum. A 10% income tax is charged for the next slab of up to Rs 700,000. For income up to Rs 1 million, a 20% income tax is levied. For the next slab up to Rs 2 million, a 30% tax is levied. An additional slab of Rs 3 million attracts a 36% tax, while an annual income of more than Rs 5 million is taxed at 39%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee has suggested imposing an additional 20% surcharge on the final rate for those with an annual income of more than Rs 5 million. This means that those earning more than Rs 5 million annually will have to pay up to 45% tax on income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government revised the income tax system in the fiscal year 2075/76, setting the personal income tax slabs at 10%, 20%, and 30%.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Tax expert Chandramani Adhikari criticized the committee&#39;s suggestion as regressive. According to him, imposing an additional 20% surcharge on those with incomes over Rs 5 million may not be progressive. &quot;Individual income tax should be progressive, not just increased,&quot; he said. Adhikari emphasized that high taxes could hinder individuals&#39; ability to invest in health, education, and social security. He pointed out that when individuals contribute to social security, it supports large projects and provides returns to the country, which the state should consider.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Mallik-led committee also recommended gradually reducing the corporate income tax rate by 1% each year, from the current 25% to 20%, and keeping it stable for the next 10 years. The committee suggested maintaining a 30% corporate tax rate for alcohol and tobacco products and financial institutions, while reducing it to 25% for other businesses in this category. Additionally, it proposed a 10% tax rate for export trade and businesses, and a 20% rate for all other businesses.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The committee further suggested imposing a 7.5% tax on profits from securities held for more than 365 days and a 10% tax on interest for periods of 365 days or more. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lastly, the committee proposed canceling the current 1% social security tax and reducing the tax exemption on taxable personal income by 3% for the first 10 years, while making arrangements for a 5% social security contribution tax.</span></span></p>
',
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			'description' => '',
			'sortorder' => '21022',
			'image' => '20240617021741_1599400665.tax.jpg',
			'article_date' => '2024-06-17 14:16:48',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21296',
			'article_category_id' => '1',
			'title' => 'Supplies of Petro Products Disrupted due to Tanker Drivers' Protest   ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Supplies of petroleum products in the Kathmandu Valley have been disrupted due to a protest by the Nepal Petroleum Tanker Drivers Association. The association has launched a strike, presenting a seven-point list of demands.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Dr Chandika Prasad Bhatta, executive director of Nepal Oil Corporation (NOC), the corporation is in contact with the protesting drivers and expects a resolution by Monday night. Discussions between the two parties are scheduled for today (Monday) at the Ministry of Industry, Commerce, and Supplies.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The Association claims that tanker drivers have been denied essential facilities for a long time and that repeated requests for these facilities have been ignored, prompting the strike. Their demands include appointment letters as mandated by the Labour Act, government-fixed remuneration, risk allowances, safety alert training every three months, and inclusion in the social security fund.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On June 11, the Association sent a notice to the NOC, warning of the protest if their demands were not met within a few days.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Under the Essential Commodities Control (Authorization) Act, 2017 (1961), petroleum products are classified as essential commodities, and their supply for general use cannot be legally obstructed. -- RSS</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21021',
			'image' => '20240617022425_20171026114339_20171026065316_Clipboard01.jpg',
			'article_date' => '2024-06-17 14:23:12',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21293',
			'article_category_id' => '1',
			'title' => 'Should Income Tax Be Paid from Income or by Taking a Loan from the Bank?',
			'sub_title' => '',
			'summary' => 'BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Om Prakash Khanal</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BIRGUNJ: The private sector claims that the advance income tax system implemented by the government is contrary to universal principles and norms. The government has increased the advance income tax to 10 percent through the budget for the next fiscal year (FY) 2081/82. There is a provision that such tax must be settled in the same year and cannot be transferred to the next fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importer Om Prakash More argues that this system of income tax violates universal principles and norms of taxation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The government has imposed a 10 percent income tax on goods but it is not possible to generate income from those goods to pay that much tax. Moreover, the requirement that the tax must be settled within the same year and cannot be carried forward is against the principles of taxation,&quot; said More.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The budget presented by Finance Minister Barshman Pun for the next fiscal year has provisions to collect 1.5 percent, 2.5 percent, and 10 percent income tax in advance. The 10 percent rate has been set for daily consumption goods. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Items subjected to 10 percent tax include potatoes, onions, pulses, vegetables, fish, and flour. Finance Minister Pun has stated that the policy of high-rate of advance income tax aims to boost domestic production and discourage imports.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers argue that domestic production cannot meet local demand. Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses, and Oil Industry Association, says that the finance minister&#39;s statement lacks truth since most of the food industries in Nepal rely on imported raw materials.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the new system, up to 10 percent income tax must be paid at customs. However, traders claim this is exploitation and unjust to consumers. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, 20 percent income tax is imposed on production and 25 percent on business. Based on this, a 50% profit would be needed to justify paying a 10% income tax on the customs value of such goods. Moreover, if total profit exceeds 20 percent, it is legally considered black market activity.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As the tax paid in advance to customs cannot be carried over to the next year, authorities suggest it be shown as an expense. Businessmen argue it is against financial principles to take a loan to pay tax in advance in businesses where banks invest up to 70 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Income tax is a tax on earnings. It is not meant to be paid by taking a loan from the bank. Even general accounting principles do not allow it to be recorded as an expense,&quot; said More. The private sector claims that the rules of customs and internal revenue are contradictory. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Navneet Agarwal, a businessman, states that showing the income tax amount as an expense will directly affect the price of goods. &quot;It seems the government is trying to fill its coffers at the expense of common consumers, leading to higher prices. This will also increase the illegal import of such goods,&quot; said Agarwal.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Hari Gautam, Senior Vice President of the Birgunj Chamber of Commerce and Industry, agrees with Agarwal. Gautam claims that the burden of advance income tax will increase the price of goods and that illegal imports through the open border with India will rise. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;This policy will lead to the smuggling of most daily consumables, except for petroleum products, vehicles, and industrial raw materials. Illegal imports of pulses, rice, flour, clothing, and electrical equipment will increase,&quot; he said. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Importers, demanding the removal of the 10 percent advance income tax, have not released hundreds of containers of goods that have arrived at border customs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Gautam notes that due to the excessive tax imposed by customs, the price difference between goods in the market of Nepal and India is significant, leading to illegal imports. The private sector claims that smuggling has increased, with goods being delivered to homes at a lower cost than the market price.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Most Indian goods are being imported illegally. In an attempt to collect more revenue, the government is losing revenue and facilitating illegal activities,&quot; said a businessman. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Private sector stakeholders claim that maintaining high customs revenue creates an environment that fosters illegal trade which benefits high ranking government officials. As a result, they adopt a policy to maintain high customs duty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;</span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '21292',
			'article_category_id' => '1',
			'title' => 'Political Tug-of-War Delays Appointment of SEBON Chairman',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: Three out of the five candidates shortlisted for the position of chairman of the Securities Board of Nepal (SEBON) did not participate in the presentation of action plan and interview scheduled for Sunday, indicating political intervention in the appointment process. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the recommendation committee formed for the appointment of SEBON chairman shortlisted five of the 19 applicants on April 7, the appointment process was delayed because the finance minister was dissatisfied with the recommended names, a member of the committee told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">However, the Ministry of Finance suddenly issued a notice on June 14, calling the five shortlisted candidates to present their business plan and interview on June 16.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Only two out of five candidates showed up for the presentation and interview. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Secretary Madhu Kumar Marasini informed that only Santosh Narayan Shrestha and Muktinath Shrestha attended the interview. Santosh Narayan is a businessman, while Muktinath is an executive director in the Securities Board.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Another Executive Director of SEBON, Dr Navaraj Adhikari; Chief Executive Officer of the Nepal Stock Exchange (NEPSE), Krishna Bahadur Karki; and former Chairman of the Nepal Insurance Authority (then Insurance Board of Nepal) Chiranjeevi Chapagai were not present at the interview, confirmed Marasini. For those who were absent, the Ministry of Finance has issued another notice, stating that the interview will be conducted on Wednesday at 9 am.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The three candidates who were absent on Sunday are considered close to the ruling CPN (Maoist Center). However, sources claimed that these candidates were discouraged from participating in the presentation and interview to delay the appointment process due to differences between KP Sharma Oli, chairman of the other ruling party CPN (UML), and the Maoist leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UML Chairman Oli has been pressuring for the appointment of Santosh Narayan Shrestha, while the Maoist leadership prefers other candidates, leading to the delay in the appointment process, according to sources in the Ministry of Finance and SEBON.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sources claim that after two months of political negotiations, the Ministry of Finance issued a notice to move the process forward following an agreement to appoint Santosh Narayan Shrestha as the chairman of SEBON. The absence of three candidates in the interview highlighted the dissatisfaction within the Maoist central leadership.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the current legal system, at least three candidates must be recommended for the appointment to the post of SEBON chairman. Section 7 of the Securities Act, 2063, mandates that the committee should recommend the names of at least three qualified persons.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Due to this requirement, the interview on Sunday could not proceed, and thus another interview was scheduled for Wednesday. It remains unclear what will happen if the remaining candidates do not participate again, as the law does not address this scenario.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Some have linked this appointment process to the interests of business houses vying for the license of a new stock exchange. Three companies&mdash;Himalayan Stock Exchange, National Stock Exchange of Nepal, and Annapurna Stock Exchange Limited&mdash;have applied for the new stock exchange license. One eligible company will receive the new stock exchange license. </span></span></p>
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			'sortorder' => '21018',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21291',
			'article_category_id' => '1',
			'title' => 'Capital Expenditure Stands at 44 Percent in 11 Months',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The government’s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The government&rsquo;s capital expenditure stands at only 44.67 percent of the allocated budget in the first 11 months of the current fiscal year (FY 2080/81). Meanwhile, the government has spent 72.6 percent of the budget on current expenses and 72.7 percent on financial management, according to the Financial Comptroller General Office (FCGO).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">For the current year, the government had proposed a budget of Rs 1751.31 billion. Of this amount, Rs 1141.78 billion was allocated for current expenses, out of which Rs 822.8 billion has been spent by mid-June.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The capital budget was set at Rs 302.74 billion, with only Rs 134.97 billion (44.68 percent) spent so far. Under the financial management heading, 72.7 percent of the allocated budget of Rs 307.45 billion has been spent, totaling Rs 223.5 billion. This budget is primarily used to pay interest on government debt.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to FCGO statistics, government revenue collection up to this period is only 64.15 percent of the annual target. The government had aimed to collect Rs 1472.48 billion in revenue for the current fiscal year, with Rs 1305.49 billion expected from tax revenue. So far, only 63.5 percent (Rs 829.3 billion) of the tax revenue target has been achieved.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In terms of non-tax revenue, the government had set a target of Rs 107.62 billion, but has collected only Rs 90 billion, which is 77 percent of the target. Additionally, the government had set the aim to collect Rs 49.94 billion in foreign grants for the fiscal year, but has only received 5.52 percent of the target, amounting to Rs 2.758 billion.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Critics argue that the public finance management sector is weak due to the failure to improve the country&#39;s economy. The low state of capital expenditure, increasing current and financial management expenses, inability to meet revenue targets, and failure to collect foreign grants are cited as major issues.</span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21017',
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			'article_date' => '2024-06-17 11:58:39',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21290',
			'article_category_id' => '1',
			'title' => 'UN Forecasts La Nina could Help Lower Temperatures this Year   ',
			'sub_title' => '',
			'summary' => 'GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations' weather agency said recently.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">GENEVA: The return of the cooling La Nina weather phenomenon this year should help lower temperatures somewhat after months of global heat records, the United Nations&#39; weather agency said recently.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to AFP, the UN&#39;s World Meteorological Organization said in its latest update that the impact is likely to be felt in the next few months because the warming El Nino weather pattern -- which has helped fuel a spike in global temperatures and extreme weather around the world since mid-2023 -- &quot;is showing signs of ending&quot;.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO warned, however, that global temperatures would continue to rise in the long term due to human-induced climate change, which continues to make extreme weather worse and upend seasonal rainfall and temperature patterns, AFP reported citing the UN.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">La Nina refers to the cooling of the ocean surface temperatures in large swathes of the tropical Pacific Ocean, coupled with winds, rains and changes in atmospheric pressure.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In many locations, especially in the tropics, La Nina produces the opposite climate impacts to El Nino, which heats up the surface of the oceans, leading to drought in some parts of the world and triggering heavy downpours elsewhere, AFP further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to the news agency, the WMO said there was a &quot;60 percent&quot; chance of La Nina conditions in the period from July to September and a &quot;70 percent&quot; likelihood during August-November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The chances of El Nino redeveloping are negligible, it added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Every month since June 2023, when El Nino returned, has set a new high temperature record, and 2023 was by far the warmest year on record globally.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO said the planet would continue to heat up overall from the use of fossil fuels that produce greenhouse gases.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The end of El Nino does not mean a pause in long-term climate change, as our planet will continue to warm due to heat-trapping greenhouse gases,&quot; WMO deputy secretary general Ko Barrett stressed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Exceptionally high sea surface temperatures will continue to play an important role during next months.&quot;&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Much of the planet&#39;s excess heat from climate change is stored in the oceans.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the United States, the National Oceanic and Atmospheric Administration has already factored the expected La Nina into its forecasts for this year&#39;s Atlantic hurricane season.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The NOAA said it expected four to seven major hurricanes in the Atlantic between June and November.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;The upcoming Atlantic hurricane season is expected to have above-normal activity due to a confluence of factors, including near-record warm ocean temperatures in the Atlantic Ocean, development of La Nina conditions in the Pacific, reduced Atlantic trade winds and less wind shear,&quot; the NOAA said on May 23.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO noted that the past nine years had been the warmest on record, even with the cooling influence of a La Nina event that lasted from 2020 to early 2023.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The latest El Nino, which peaked in December, was one of the five strongest on record.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Our weather will continue to be more extreme because of the extra heat and moisture in our atmosphere,&quot; Barrett said.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The WMO has made it a priority to ensure that all regions of the world are covered by early warning systems by 2027, particularly the least well-equipped, such as Africa.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;Seasonal forecasts for El Nino and La Nina, and the anticipated impacts on the climate patterns globally, are an important tool to inform early warnings and early action,&quot; Barrett said. -- AFP&nbsp;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '21289',
			'article_category_id' => '1',
			'title' => 'Bangladesh beat Nepal by 21 Runs to End World Cup Hopes  ',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal lost its final group-stage match of the ICC T20 World Cup cricket tournament to Bangladesh by 21 runs at Arnos Vale Stadium in Vincent, West Indies on Monday. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With this match, the equation of Group D in the World Cup has been completed. South Africa and Bangladesh reached the second round of the World Cup from the group while Nepal, the Netherlands and Sri Lanka have been knocked out of the group stage.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">South Africa reached the Super Eight with eight points, while Bangladesh having six points also made it to the next round.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Nepali leg-spinner Sandeep Lamichhane however has set a new record by taking 100 wickets in his 54th match of T20 International cricket.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the match against Bangladesh, he took two wickets and completed 100 wickets. This is Sandeep&#39;s second match in the ongoing World Cup.&nbsp; &nbsp;&nbsp;&nbsp;</span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Rashid Khan of Afghanistan has a record of taking 100 wickets in 53 matches, the lowest in T20 Internationals.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chasing the target of 107 runs set by Bangladesh to win, Nepal were bundled out for 85 runs losing all wickets in 19.2 overs.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Malla top-scored for Nepal with 27 runs. He scored 27 runs off 40 balls with one four and a six. Dipendra Singh Airee scored 25 runs off 31 balls with two fours and a six. Apart from Asif Sheikh, who scored 17 runs off 14 balls with four fours, other players could not score in double digit.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kushal Bhurtel was dismissed for four runs while Rohit Kumar Poudel and Sandeep Jora were dismissed for one run each.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Anil Shah, Gulshan Jha, Sompal Kami, Sandeep Lamichhane and Abhinash Bohora were dismissed for zero.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Tanzim Hasan took four wickets for Bangladesh to limit Nepal&#39;s batting performance. Likewise, Sakib Hasan took two and Taskin Ahmad one wicket for Bangladesh.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Invited to bat first after losing toss, Bangladesh had scored 106 runs at the loss of all wickets in 19.3 overs. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21288',
			'article_category_id' => '1',
			'title' => 'Manakamana Cable Car Service to be Closed for 50 Days for Upgradation',
			'sub_title' => '',
			'summary' => 'Nepal's first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car's digital system.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 16: Nepal&#39;s first cable car, the Manakamana cable car, will be closed for 50 days starting July 15 for maintenance and upgrades. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manakamana Darshan Pvt Ltd said that this closure is necessary to upgrade the cable car&#39;s digital system.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy General Manager Ujjwal Sherchan of Manakamana Darshan Pvt. Ltd. stated that the current &#39;analog&#39; technology of the cable cars will be upgraded to a modern digital system using fiber technology. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In addition to the digital system upgrade, the main cable wire, which has been in use for 26 years, will be replaced. Skilled technicians from the Australian company Doppelmayr will carry out the upgrade work.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The upgrade will be conducted in various stages to ensure comprehensive improvements.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Manakamana cable car service, operational since November 24, 1998, serves pilgrims traveling to a famous religious site in Sahid Lakhan Rural Municipality of Gorkha district.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;Despite the suspension of the cable car service, the restaurant at the bottom station located in Ichchhakamana-4 Kurintar (Cheres) in Chitwan will remain open for visitors. (RSS) </span></span></p>

<p>&nbsp;</p>
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			'id' => '21286',
			'article_category_id' => '1',
			'title' => '25 Percent Foreign Investments Approved Through Automatic Route',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In just one and a half months since the implementation of the automatic route for industry registration, its usage has surged significantly. Applicants using the automatic route receive their foreign investment approval letters via email immediately after submitting their applications, with company registration occurring simultaneously. The government currently allows the registration of foreign investment companies with up to Rs 500 million through this automatic route, with no minimum investment limit for IT-based industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Industry has developed an electronic system for approving foreign investments automatically. Investors can log into this system, fill in the required details, and if all the information is correct, they receive investment approval automatically. Since the implementation of the automatic route in May, 90 projects have been approved, with a total proposed investment of Rs 11.18 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In addition to the automatic route, investments are also accepted through the traditional system. In the old system, investment is approved through meetings and decisions. Combining both processes, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects in the first 11 months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Department of Industry, 25 percent of the total foreign investment approvals in these 11 months were through the automatic system. Investment commitments worth Rs 8.28 billion have been received for 68 projects via the automatic route, indicating its ease for investors.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Shankar Singh Dhami, director of the Foreign Investment and Technology Transfer branch of the department, stated that the automatic route has gained popularity because it simplifies the investment approval process. Most of the investment proposals through the automatic route are in the tourism sector (49%), followed by the service sector (31%), information and technology (16%), and productive and agricultural industries.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Comparing the current year 2080/81 to the previous year 2079/80, foreign investment commitments in Nepal have increased by 28.39 percent. In the 11 months of 2080/81, Nepal received foreign investment commitments of Rs 44.41 billion across 359 projects, compared to Rs 34.58 billion across 274 projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;The increase in foreign investment commitments is due to amendments in laws to facilitate foreign investment, the implementation of the automatic route, and positive outcomes from the investment summit,&quot; Dhami explained. In mid-April to mid-May alone, investment commitments for 90 projects amounted to Rs 11.18 billion, a significant increase from Rs 4.97 billion committed for 57 projects in the corresponding period of the previous year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As usual, the investment projects approved by the Department of Industry, which handles investments up to a maximum of Rs 6 billion, were mostly small in scale. In the 11th month of the current year, many small industry projects were approved, with fewer large-scale investments. The department approved 341 small, 14 medium, and 4 large projects in the review period, compared to 247 small, 22 medium, and 5 large projects in the same period last year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the projects in the current year relate to the tourism sector, with 176 projects approved. Additionally, 114 service sector projects, 40 productive projects, and 11 information, communication, and technology projects were approved. The least approved projects were in the energy and mineral industries.</span></span></span></span></p>

<p>&nbsp;</p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00