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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p>
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June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision. Issuing a press statement, the federation opposed the income tax hike a day after the government announced the budget for the fiscal year 2022/23/ Officials of the federation met with Finance Minister Janardan Sharma on Monday and demanded tax adjustment as per the Cooperatives Act, 2074 BS.
As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.
The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.
Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.
A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions.
“I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.
President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
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'summary' => 'June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision. Issuing a press statement, the federation opposed the income tax hike a day after the government announced the budget for the fiscal year 2022/23/ Officials of the federation met with Finance Minister Janardan Sharma on Monday and demanded tax adjustment as per the Cooperatives Act, 2074 BS.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.</span></span></p>
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<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.</span></span></p>
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