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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
<p>However, knowledgeable sources claim that both the government and the entrepreneurs say one thing but have different strategies. “The government has been using the money laundering act to curb tax evasion, under invoicing and black marketing,” said a former secretary, adding, “Businessmen on the other hand claim that they cannot be booked for tax evasion under the money laundering act.”</p>
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<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
<p>NCC Chairman Rajesh Kaji Shrestha said that the money laundering act should not involve tax issues that have direct impact on businessmen but should have been concerned with topics like terrorism and corruption.</p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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‘Government using money laundering act to punish tax evaders’
1 min 52 sec to read
September 17: The Money Laundering Prevention Act 2008 endorsed by the government almost a decade ago for discouraging investment in terrorism has become the bone of contention between the government and the business community. Disputes have arised due to the differing views of the government and the private sector regarding money laundering.
Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.
Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.
However, knowledgeable sources claim that both the government and the entrepreneurs say one thing but have different strategies. “The government has been using the money laundering act to curb tax evasion, under invoicing and black marketing,” said a former secretary, adding, “Businessmen on the other hand claim that they cannot be booked for tax evasion under the money laundering act.”
Under this act, Nepal Rastra Bank recently made it mandatory for any transaction more than Rs 1 million to be done through banking channel. The two sides are still at odds regarding this issue.
Of late, government authorities have been considering money laundering as the medium of all other crimes. The government has started finding sources of income of suspected people for curbing money laundering. Representatives of the private sector say that they are having difficulties in conducting business due to the new provisions.
Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions.
NCC Chairman Rajesh Kaji Shrestha said that the money laundering act should not involve tax issues that have direct impact on businessmen but should have been concerned with topics like terrorism and corruption.
Meanhwile, Money Laundering Research Department’s Director General Jeevan Ram Sitaula said that there is no need for honest businessmen to be afraid of the money laundering act.
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
<p>However, knowledgeable sources claim that both the government and the entrepreneurs say one thing but have different strategies. “The government has been using the money laundering act to curb tax evasion, under invoicing and black marketing,” said a former secretary, adding, “Businessmen on the other hand claim that they cannot be booked for tax evasion under the money laundering act.”</p>
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<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
<p>NCC Chairman Rajesh Kaji Shrestha said that the money laundering act should not involve tax issues that have direct impact on businessmen but should have been concerned with topics like terrorism and corruption.</p>
<p>Meanhwile, Money Laundering Research Department’s Director General Jeevan Ram Sitaula said that there is no need for honest businessmen to be afraid of the money laundering act.</p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Of late, government authorities have been considering money laundering as the medium of all other crimes. The government has started finding sources of income of suspected people for curbing money laundering. Representatives of the private sector say that they are having difficulties in conducting business due to the new provisions.</p>
<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
<p>NCC Chairman Rajesh Kaji Shrestha said that the money laundering act should not involve tax issues that have direct impact on businessmen but should have been concerned with topics like terrorism and corruption.</p>
<p>Meanhwile, Money Laundering Research Department’s Director General Jeevan Ram Sitaula said that there is no need for honest businessmen to be afraid of the money laundering act.</p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
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<p>Of late, government authorities have been considering money laundering as the medium of all other crimes. The government has started finding sources of income of suspected people for curbing money laundering. Representatives of the private sector say that they are having difficulties in conducting business due to the new provisions.</p>
<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
<p>NCC Chairman Rajesh Kaji Shrestha said that the money laundering act should not involve tax issues that have direct impact on businessmen but should have been concerned with topics like terrorism and corruption.</p>
<p>Meanhwile, Money Laundering Research Department’s Director General Jeevan Ram Sitaula said that there is no need for honest businessmen to be afraid of the money laundering act.</p>
<p> </p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
<p>However, knowledgeable sources claim that both the government and the entrepreneurs say one thing but have different strategies. “The government has been using the money laundering act to curb tax evasion, under invoicing and black marketing,” said a former secretary, adding, “Businessmen on the other hand claim that they cannot be booked for tax evasion under the money laundering act.”</p>
<p>Under this act, Nepal Rastra Bank recently made it mandatory for any transaction more than Rs 1 million to be done through banking channel. The two sides are still at odds regarding this issue.</p>
<p>Of late, government authorities have been considering money laundering as the medium of all other crimes. The government has started finding sources of income of suspected people for curbing money laundering. Representatives of the private sector say that they are having difficulties in conducting business due to the new provisions.</p>
<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
<p>NCC Chairman Rajesh Kaji Shrestha said that the money laundering act should not involve tax issues that have direct impact on businessmen but should have been concerned with topics like terrorism and corruption.</p>
<p>Meanhwile, Money Laundering Research Department’s Director General Jeevan Ram Sitaula said that there is no need for honest businessmen to be afraid of the money laundering act.</p>
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<p>Both sides expressed their grievances related to the act during a program organised by Nepal Chamber of Commerce (NCC) on Friday, September 15.</p>
<p>Businessmen complained that the government authorities have been threatening them for tax evasion under the money laundering act. Meanwhile, government authorities say that it is necessary to implement the act as they are signatory to international convention on money laundering.</p>
<p>However, knowledgeable sources claim that both the government and the entrepreneurs say one thing but have different strategies. “The government has been using the money laundering act to curb tax evasion, under invoicing and black marketing,” said a former secretary, adding, “Businessmen on the other hand claim that they cannot be booked for tax evasion under the money laundering act.”</p>
<p>Under this act, Nepal Rastra Bank recently made it mandatory for any transaction more than Rs 1 million to be done through banking channel. The two sides are still at odds regarding this issue.</p>
<p>Of late, government authorities have been considering money laundering as the medium of all other crimes. The government has started finding sources of income of suspected people for curbing money laundering. Representatives of the private sector say that they are having difficulties in conducting business due to the new provisions.</p>
<p>Experts say that the government is likely to tighten the screw on money laundering just to show the international community of its commitment made during international conventions. </p>
<p>NCC Chairman Rajesh Kaji Shrestha said that the money laundering act should not involve tax issues that have direct impact on businessmen but should have been concerned with topics like terrorism and corruption.</p>
<p>Meanhwile, Money Laundering Research Department’s Director General Jeevan Ram Sitaula said that there is no need for honest businessmen to be afraid of the money laundering act.</p>
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include - APP/View/Elements/side_bar.ctp, line 133
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