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Baker Tilly (in Nepal) has published the Nepal Tax Fact 2021-22 including major information on Income Tax Act, VAT Act, Excise Duty Act, and Customs Duty Act amended by Finance Ordinance 2021. It also includes the latest amendment in Income Tax Rules and VAT Rules.
Access the document here.
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Baker Tilly (in Nepal) has published Nepal Tax Fact based on Nepal Budget 2019, specifically designed for its client.
The Tax Fact includes major taxation levied by Finance Bill tabled by honorable Minister for Finance Dr. Yuva Raj Khatiwada on 29th May 2019, which covers major provisions for Income Tax Act and VAT Act.
The document can be downloaded fromhere.
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Dev Associates, Chartered Accountants is now an ACCA Approved Employer. The Association of Chartered Certified Accountants (ACCA) has awarded the firm with ACCA Approved Employer- Trainee Development Gold Status.
The firm believes that the status will be benefiting the ACCA trainees working with the firm and ACCA students pursuing the practical exposure in audit firm significantly.
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On the onset of Nepal Investment Summit, Nepal Investment Desk of Baker Tilly Nepal Pvt. Ltd. publishes high level information related to four sectors of Nepal. The information is expected to be helpful to acquire information of those sectors on harnessing the investment opportunity in Nepal.
The information can be accessed for following sectors:
Baker Tilly Nepal offers wide range of services related to setting up foreign investment in Nepal. Our dedicated team at Nepal Investment Desk are available for further assistance.
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After the application of Nepal Financial Reporting Standards in Banks and Financial Institutions, Nepal Rastra Bank has further come up with the NFRS format for quarterly financial reporting by banks and financial statements. The new format is applicable to A, B and C Class Banks and Financial institutions with immediate effect.
The new format supersedes the format currently in use.
The format can be accessed here.
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Securities Board of Nepal issues Specicalized Investment Fund Regulation, 2075 (2019). The Regulation is issued just before the Investment Summit to be held by Government of Nepal and aimed at bridging the capital needs of the start-ups.
The key features of the Regulations are:
The Regulation can be viewed here.
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Baker Tilly Nepal published its Tax Fact 2018/19 based on Nepal budget 2075. The budget was presented by Mr. Yuvaraj Khatiwada, Minister for Finance, Government of Nepal in front of joint meeting of House of Representative and National Assembly on 15th Jestha 2075.
Baker Tilly Nepal’s ‘Nepal Tax Fact’ aims to highlight the high level changes brought upon by Nepal Budget and Finance Bill 2075, for the use of its clients.
To access Nepal Tax Fact 2018-19, click here.
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Nepal Rastra Bank (NRB), Central Bank of Nepal, issued a circular directing “A” Class Commercial Banks to prepare NFRS (Nepal Financial Reporting Standards) Compliant Financial Statements from F.Y. 2074/75 (2017/18) onward.
Nepal Accounting Standards Board (NASB) issued NFRS in line with International Financial Reporting Standards issued by IASB. The Institute of Chartered Accountants of Nepal (ICAN), regulatory authority to pronounce Accounting Standards issued by NASB, directed the implementation of NFRS for Commercial Banks since 2015/16. But citing the lack of clear direction from NRB, banks, except few, were continuing to prepare financial statements under existing Regulatory Framework. With the issuance of this direction, now the banks will publish NFRS Compliant Financial Statements.
The circular requires bank to publish its fourth quarter results of 2074/75 following both NFRS and NRB Regulatory Framework. The quarterly results of 2075/76 will be published under Nepal Financial Reporting Framework with a reconciliation of NFRS profits with regulatory profits.
The Notes to the Accounts of NFRS Compliant Financial Statements will include a disclosure on reconciliation between profits derived under Nepal Financial Reporting Framework and Regulatory Framework.
The Statements of Changes in Equity will have a separate equity heading for “Regulatory Reserve”, which includes the difference in results of operation under NFRS and NRB Guidelines. The Regulatory Reserve includes the difference between NFRS profit and regulatory profit at the time of First Time Adoption of NFRS and any difference during the subsequent period only when the NFRS profit is greater than Regulatory Profit. The Regulatory Reserve is non-distributive. A separate disclosure in Notes to the Accounts is to be dedicated for the movement of Regulatory Reserve in Financial Statements.
The Fair Value Reserves that may be created as a result of Fair Value Measurement of various items such as financial assets, investment property, etc. under NFRS will not be eligible for Capital Adequacy purpose.
However, the banks are required to follow the format prescribed by NRB while preparing NFRS Compliant Financial Statements.
A separate format for the presentation of Financial Statements with amendment in NRB’s Unified Directive 4/2074 is much awaited to prepare NFRS Complaint Financial Statements.
The circular can be downloaded here.
Latest News
Baker Tilly Nepal publishes its booklet on Labour Law based on new Labour Act, 2074 (2017).
The Labour Act was effective from 19th Bhadra 2074 (4th September 2017) and repeals Labour Act 2048, Industrial Trainee Act 2039 and Retirement Fund Act 2042.
Baker Tilly’s High Level Information Series- Labour Act 2074 includes the summary of major provisions of Labour Act.
The booklet is available here.
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Baker Tilly Nepal publishes Nepal Tax Fact for F.Y. 2016-17.
On 28th of May 2016, Finance Minister Mr. Bishnu Prasad Paudel presented the Nepal Budget in front of Legislature Parliament.
Nepal Tax Fact 2016-17 developed by Baker Tilly Nepal includes highlights of Nepal Budget 2016 and proposed major amendments in Income Tax and VAT Act of Nepal effective for Fiscal Year 2016-17, beginning from 16th July 2016.
Baker Tilly Nepal Tax Fact is available here.