Understanding the P-OLI-tics of Nepal: The silencing of the word P in Nepalese Politics-Part II

In the first part of this series, we have covered the starting series of events in Nepali politics that paved the way for what has been happening lately. In this second series, we continue to present the further developments. The First Friction With all due respect to women, nobody expects the alliance of the first wife and the second wife of any person against him to last for a long time. Both parties were no Read more…

Patent protection on Covid19 vaccines: waive or not to waive?

The world is in desperate need for COVID-19 Vaccine to fight this global war against the covid-19 pandemic. It will take years for the limited companies to manufacture the demand to inoculate even the majority of the population worldwide.   But the million dollar question is why only few limited companies are manufacturing it? and why are all the companies that have the manufacturing facilities not manufacturing or not distributing the vaccine even when that Read more…

Understanding the budget 2078: progressive, populist or poll centric?

On 30th May, the current caretaker government presented the federal budget for the fiscal 2078/79 through an ordinance. The government’s swiftness to present the budget through ordinance (since the Parliament stands dissolved) has been questioned because it was not a matter of urgency, constitutionally or otherwise.  NPR 1.64 trillion is the size of the budget and is primarily portrayed as an effective response to the covid-19 situation, albeit limited to words. Ironically the term “Covid-19” Read more…

Understanding the P-OLI-tics of Nepal: The silencing of the word P in Nepalese Politics.

The Prime Minister has silenced the word P in Politics and has transformed it into Oli-tics or in simple words,  “ government of KP Oli, for KP Oli, by KP Oli.” When  his Government should be preparing to inoculate  citizens to fight against the Covid-19 pandemic, we the people are being forced upon another midterm election which as per Annapurna  Express, will cost well over 100 billion rupees of taxpayers’ money.  The 100 billion rupees Read more…

Photo by Aneta Foubíková on Unsplash

Parliament Dissolved! Again??

What happened?  A petition seeking writs of certiorari and mandamus was filed a few days back in the Supreme Court by the constitutionally elected members of the House of Representatives (“Parliament“) including Sher Bahadur Deuba against the President’s decision to dissolve the Parliament and call for mid-term elections.   First Dissolution Prime Minister KP Sharma Oli made the move to dissolve the Parliament back in December, 2020, after facing a rise of dissatisfaction from his Read more…

3. Personal Income Tax(“PIT”)

1.1.     General The Income Tax Act also levies income tax on individuals. The scope of the taxable income of individuals depends on the residential status of such individual as per the Income Tax Act.  Resident individuals are subject to tax on their worldwide income derived from employment, business or investment, while non-residents are only liable for income tax on their net income earned or sourced in Nepal. 1.2.     Residential Status An individual, irrespective of his Read more…

Excise Duty

1.1.     General Excise duty is administered and collected under the Excise Duty Act and Excise Regulation. Excise Duty is payable on the manufacture and import of certain excisable goods. Generally liquors, cigarettes, tobacco products, molasses etc. are excisable products as per the Excise Act. Excise duty is also applicable for cement, iron rod and certain other construction materials. No one is allowed to manufacture, import, sell and store excisable goods without obtaining a license. Similarly, Read more…

Customs Duty

1.1.     General Customs Duties are levied in accordance with the Customs Act. In normal cases, the importer states the cost, insurance & freight (“CIF”) value of the goods in customs declaration at the relevant customs office in the Nepal border and customs duty is accordingly levied on the goods being imported. The importer is responsible for providing a declaration that the description of the goods is true. If there is any doubt, the customs officer Read more…

Value Added Tax

1.1.     General VAT concerns goods and services and levied on sale, exchange, transfer, import, etc. of all goods and services apart from those specified by the law as exempt. This means that this tax encompasses all types of goods and services produced in or imported into the country apart from those listed as exempted by the law. VAT is imposed on different levels of value addition in the production and distribution process of goods and Read more…

1. Capital Gains Tax

1.1.     General Gains derived from the transfer of the Non Business Taxable Assets (“NBTA”) are taxed under the Income Tax Act at rates specific to the capital gains. The Income Tax Act defines NBTA as any land, building or security or interest in an entity excluding the following: Business assets[1], depreciable assets or stock in trade; A private residence of an individual that has been; Owned continuously for 10 years or more; Used as abode Read more…