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WorldPosted at: Jan 19 2019 1:29PM


PM’s Office directs probe into Nepalis with offshore investments

Kathmandu,Jan 19 (UNI) The Nepalese Prime Minister’s Office has directed the Financial Information Unit under the Nepal Rastra Bank to expedite probe into businesses and business-people following media reports of their involvement in establishing companies in tax haven countries and bringing in foreign direct investment from there. According to a report in The Kathmandu Post on Saturday, the government swung into action following the Centre for Investigative Journalism-Nepal’s report NepaLeaks 2019, which showed that more than 50 Nepalis have invested in offshore companies.
While no committee has been formed to launch a comprehensive probe, both the prime minister and the finance minister said they are serious about the issue. Addressing Parliament on Friday, Prime Minister KP Sharma Oli said investigations will be carried out as provisioned in the laws.
Responding to the queries of lawmakers at the parliamentary Finance Committee, Finance Minister Yubaraj Khatiwada said there is the need to amend the Non-Resident Nepali Act, Income Tax Act and the Double Taxation Avoidance Agreement.
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