The post Despite Political, Pandemic Crisis, Nepal Shines as ‘Happiest’ in South Asia! appeared first on Nepali Sansar.
]]>According to The World Happiness Report 2021 published by the UN Sustainable Development Solutions Network, Nepal has stood atop all its South Asian peers with a happiness index of 5.269.
Nepal ranked 87 out of 149 countries, up by five positions compared to 2020’s 92nd position.
Among the South Asian countries, Afghanistan lags at the bottom of the table with a happiness index of 2.523. Ranking 149 out of 149 countries, Afghanistan is reported to be the least happy country globally.
Nepal’s northern neighbor China stood at the 84th position while southern neighbor India ranked 139th on the list.
Likewise, Pakistani citizens were happier than that of Indian as Pakistan ranks 105th on the list.
Rank | Country | Points |
87 | Nepal | 5.269 |
89 | Maldives | 5.189 |
101 | Bangladesh | 5.025 |
105 | Pakistan | 4.934 |
129 | Sri Lanka | 4.325 |
139 | India | 3.819 |
149 | Afghanistan | 2.523 |
Meanwhile, Finland has again proved to be the happiest nation globally, garnering 7.842 points compared to 2020’s 7.809.
Rank | Country | Points |
1 | Finland | 7.842 |
2 | Denmark | 7.620 |
3 | Switzerland | 7.571 |
4 | Iceland | 7.554 |
5 | Netherlands | 7.464 |
6 | Norway | 7.392 |
7 | Sweden | 7.363 |
8 | Luxembourg | 7.324 |
9 | New Zealand | 7.277 |
9 | Austria | 7.268 |
Rank | Country | Points |
140 | Burundi | 3.775 |
141 | Yemen | 3.658 |
142 | Tanzania | 3.623 |
143 | Haiti | 3.615 |
144 | Malawi | 3.600 |
145 | Lesotho | 3.512 |
146 | Botswana | 3.467 |
147 | Rwanda | 3.415 |
148 | Zimbabwe | 3.145 |
149 | Afghanistan | 2.523 |
The measure of a country’s happiness is based on various barometers, including Gross Domestic Product (GDP), social support, generosity, healthy life expectancy, freedom to make life choices, dystopia, and perceptions of corruption.
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]]>The post Pandemic Shrinks Savings: Nepalis Spent 91.1% of their Earnings! appeared first on Nepali Sansar.
]]>According to a report by the Central Bureau of Statistics (CBS), a Nepali, on average, spent 91.1% of his/her income in the FY 2019/20. This implicates that a Nepali was able to save less than NPR 9 out of NPR 100 amid the pandemic year.
As per the report, the consumption expenditure of Nepalis in the FY 2018/19 was NPR 84.3 on average. This expenditure raised by 6.8% in FY 2019/20, indicating a significant drop in the saving capacity of Nepalis.
Former Finance Secretary Shant Raj Subedi informed that the lack of income during the pandemic has resulted in a decline in the saving capacity. “We have to consume even if we don’t have an income source,” he said.
“Decrease in the saving capacity is directly proportional to investment, and lack of investment creates unemployment, resulting in a decrease in national income,” said Subedi.
Likewise, Nepal’s Per Capita Income (PCI) has also decreased. According to the report, PCI stood at USD 1,148 in FY 2019/20, down from USD 1,171 in FY 2018/19.
However, with the change in the base of GDP calculations, Nepal has witnessed a rise in its GDP value. According to the CBS, the nation’s GDP valued at NPR 3.934 trillion, an increase by 14%. Nepal’s GDP stood at NPR 1.559 trillion in FY 2010/11.
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]]>The post COVID-19 Nepal: Dairy Losses NPR 100 Million Daily! appeared first on Nepali Sansar.
]]>So far, the coronavirus has infected around 2,099 people in Nepal, which is quite negligible compared to other countries. However, the pandemic has a profound impact even on essential sectors such as dairy.
The Nepali dairy sector has received a severe blow with the enforcement of nationwide lockdown.
Currently, the dairy sector is facing a loss of NPR 100 million daily due to the drastic decline in market demand.
According to the Nepal Dairy Association (NDA), dairy products worth NPR 5 billion are still in stock and are on the verge of deterioration.
The COVID-19 pandemic has closed hotels, restaurants, canteens and schools, and restricted special celebrations, parties and gatherings leading to the fall of the dairy market to 35%.
“We have lost 65% of our market, and farmers are throwing away milk worth NPR 100 million daily,” exclaimed Pralhad Dahal, NDA General Secretary.
In response, the Nepali Government has tried to alleviate some burden on the dairy entrepreneurs by introducing soft loans, exemption on electricity bills and import of raw materials through the Federal Budget for FY 2020/21.
Meanwhile, the NDA celebrated the ‘World Milk Day’ to expand access to milk and its consumption on June 1, 2020.
On the occasion, the NDA has distributed milk and other dairy products to hospitals, nursing homes, security personnel, and quarantine facilities across seven provinces in the country.
According to the NDA, the dairy industry contributes about 9% to the nation’s GDP. About 500,000 farmers are associated with the dairy sector, while over 20,000 people are directly involved in the dairy industry.
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]]>The post COVID-19 Nepal: Remittances to Decline by 14% appeared first on Nepali Sansar.
]]>The coronavirus uproar in foreign countries has inflicted economic turmoil in Nepal.
Lockdowns, travel restrictions and social distancing have drastically interrupted global economic activities. This, in turn, has disrupted the inflow of remittances to small economies like Nepal that partially depend on their migrant workers.
According to the World Bank, Nepal received USD 8.64 billion in remittances (27.3% of GDP) in 2019, among the highest in South Asia.
However, a recent World Bank report has exclaimed that the remittances to Nepal could slump by around 14% or USD 1.2 billion in 2020.
[Also Read: WHO Assists Nepal in Fight Against COVID-19]
The World Bank warned that the remittances across south Asian countries could drop by 22% due to coronavirus pandemic.
“With the IMF projecting a contraction in economies of the Gulf countries in 2020, hundreds of Nepalis are expected to lose their jobs and return home. This will affect the inflow of remittance,” said Nepal Rastra Bank Spokesperson Gunakar Bhatta.
According to the Nepali Government, around 1.5 million Nepalis are living in Malaysia, Qatar, Saudi Arabia, the UAE, and Kuwait. Around 225,000 Nepalis are in the UAE alone. Moreover, 3-4 million Nepalis are in India.
In the need of the hour, the Nepali Government should introduce targeted schemes for the migrant workers to stabilize the economy.
So far, Nepal has reported 82 coronavirus infection cases. However, 16 patients have already recovered.
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]]>The post Nepal Federal Budget FY 2076-77: Income Tax Slabs, Rates and Concessions appeared first on Nepali Sansar.
]]>The Nepal Government is back with its new tax rates and slabs for the new fiscal 2076-77 (2019-20) that began in April 2019.
The Finance minister Yubaraj Khatiwada presented Nepal’s Annual Budget for FY 2076-77 on May 29, 2019.
The NPR 1.53 trillion budget covered all the sectors with key focus on developmental reforms that will improve living standards through effective implementation and safeguarding of citizens’ fundamental rights.
Besides sector-wise spending, the new budget displayed a 14 percent rise over the previous year’s budget and dedicated NPR 957 billion (62%) to the recurrent expenditure, followed by NPR 408 billion (27%) to capital expenditure and NPR 167 billion (12%) for provisioning finance for principal payment of loans.
Towards adding to the government’s treasury, the new budget is looking at NPR 981 billion (64%) revenue collection, NPR 58 billion from foreign grants, NPR 298 billion from foreign loans, NPR 195 billion from domestic loans.
Overall, the government announces an estimated GDP of 8.5 percent and inflation rate of 6.5 percent.
Given the role that taxpayers play in government’s revenue earnings, Nepal Budget 2076-77 has some important announcements for its citizens, businesses, corporate entities and overseas players willing to business in Nepal, and more.
Income Slab |
Tax Rate |
Up to NPR 400,000 |
1% |
Next NPR 100,000 |
10% |
Above NPR 200,000 |
20% |
Beyond NPR 600,000 |
30% |
Taxable income > NPR 2,000,000 |
36% (20% additional tax on the calculation made under 30% slab) |
Income Slab |
Tax Rate |
Up to NPR 450,000 |
1% |
Next NPR 100,000 |
10% |
Above NPR 200,000 |
20% |
Above NPR 550,000 |
30% |
Taxable income > NPR 2,000,000 |
36% |
Particulars of Business |
Tax Rate |
Income earned from normal transactions |
25% Flat |
Income earned from providing shipping, air transport or telecommunication services, postage, satellite, optical fiber project. |
5% |
Income earned providing shipping, air transport of telecommunication services through the territory of Nepal. |
2% |
Repatriation by Foreign Permanent Establishment |
5% |
Capital Gain tax on sale of shares (Withholding tax 25% subject to tax treaties |
25% |
Business Entities |
Tax Rate |
Bank & Finance Company, General Insurance Company, Petroleum entities; Cigarette, Beer, Liquor, Khaini, Guthka and Pan Masala Manufacturing Company |
30% |
Company operating in the following areas Telecom, Internet, Money Transfer, Capital Market, Stock Exchange, Merchant Banking, Commodity future market, stockbroker |
30% |
Special Industries (Manufacturing, Forest, Agriculture and Mining Industries; except Liquor, Cigarette, Khaini Guthaka and panparag as defined in Sec. 11) & IT Industries |
20% |
Entities constructing & operating road, bridges, tunnel, ropeway, trolley bus and tram |
20% |
Entity wholly engaged in the projects conducted so as to build public infrastructure, own, operate and transfer (BOOT) it to the GON & in power generation, transmission, or distribution |
20% |
Non-resident person Providing Shipping, Air Transport or Telecommunications Services in Nepal (sec 70) |
5% |
Private Ltd., Limited, Partnership Firm not specifically mentioned above |
25% |
Airline Services having office in and business in Nepal but not operating flights to and within Nepal |
2% |
Export income of Manufacturing Industries |
15% |
Other Export Entities |
20% |
Co-operative Institution registered under Co-operative Act, 2048 (except dealers in exempted transaction) |
20% |
Income of Mutual Funds |
Exempt |
Industries established in Special Economic Zone (SEZ), situated in mountainous districts and hilly districts prescribed by Nepal Government, will get a tax exempt for the first 10 years and will later be subjected to 50% of the applicable tax rate. Whereas, industries in SEZ in other regions will get an exemption for only 5 years initially and later the same as above.
50% tax rebate for ‘income from Foreign technology and management service fee and royalty of Foreign investor in SEZ will get tax exemption 50% of the applicable tax rate. IT industry established within IT Park, biotech park and technology park as specified in the Gazette’
15% tax rebate for ‘Entities (Manufacturing, Tourism, Hydroelectricity production, distribution and transmission, IT industry established within IT Park, biotech park and technology park as specified in the Gazette) listed in Securities Market’.
The person involved in exploration & extraction of petroleum and natural gases & mining and start operation within Chaitra end 2080, will tax exemption for the first 7 years and 50% of applicable rate on subsequent 3 years.
Income earned by manufacturing industries through export sales and royalty income earned from export of intellectual assets will get 25% tax concession on the applicable rate.
Hydropower projects, solar energy projects, waste-to-energy and wind turbines projects, starting the commercial generation of electricity by Chaitra end 2080, will get tax exemption for first 10 years and 50% of the applicable tax rate thereafter for next 5 years.
Income generated from operation of tram or trolley bus will get tax rebate- 20% of applicable tax rate; 40% is for the construction and operation of ropeway, cable car, railway and tunnel; 52% for the construction and operation of the airport, sky bridge, road, bridge and tunnel roads.
Tourism Industry or International Airlines Operators with capital investment of NPR 2 Billion will get tax holiday for the first 5 years from the date of commencement of business and 50% tax exemption for additional 3 years.
If any person contributing any amount to Prime Minister (PM) Relief Fund or National Reconstruction Fund (NRF) established by Government of Nepal during any Income Year, the amount will be allowed as deduction from the taxable income of the person during the Income Year.
Construction & Operation of public infrastructure projects, required to be transferred to the government and construction, production and transmission of electricity house, will be allowed a concession of 20% tax of applicable tax rate.
The Income Tax, Education Service Tax, Vehicle Tax and other taxes mentioned under the Finance Act 2076 (2019) will come into the effect for the FY 2019-20 from Shrawan 2076 (i.e. July 17, 2019), whereas, Value Added Tax (VAT), Customs & Excise Duties, Health Service Tax and Infrastructure Tax provisions were scheduled to be effective immediately after announcement.
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]]>The post Nepal Leads South Asia In Inclusive Development appeared first on Nepali Sansar.
]]>Nepal secured the 22nd position among 74 countries and leads the South Asian region in this report that analyzed inclusive growth of 103 global economies by growth and development, inclusion, and inter-generational equity.
The other South Asian countries followed Nepal that was ranked 27 in IDI 2017.
While India ranked 62nd, Pakistan improved from 52nd in 2017 to 47th place in IDI 2018. Whereas, Bangladesh and Sri Lanka remained at 34th and 40th positions in the IDI 2018 against their 2017 rankings (36 and 39), respectively in IDI 2017.
Three South Asian economies including Bhutan, Afghanistan, and Maldives did not appear in the IDI 2018 list.
IDI divided the world nations into two different groups namely advanced economies and emerging economies.
With a 4.15 score, Nepal stood between slowly-advancing and rapidly advancing nations list among other countries in the emerging economies category.
Meanwhile Lithuania has led the emerging economies’ chart in IDI 2018 with a score of 4.86. Hungary, Azerbaijan, Latvia and Poland are among the other top inclusive emerging economies.
While Norway stood as the world’s most advanced economy, Iceland, Luxembourg, Switzerland and Denmark were featured as the other four top advanced economies.
IDI measures economies ‘performance based on their economic progress in various terms in addition to the Gross Domestic Product (GDP).
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