Federal Budget for FY 2018-19<\/a> mentioned operation of seven casinos currently across the country, the actual number is 10, say the officials.<\/p>\n\u201cMost of the casinos are taking advantage of the legal complexity. They are even reluctant to pay the annual royalty of Rs 30 million fixed by the Financial Act. We do not know when the court will issue a final verdict,\u201d says DoT official.<\/p>\n
The government seems to be serious about the issue as it has finally decided to come up with the new Act!<\/p>\n
\u201cIf the Casino Act is introduced, it will automatically supersede the Casino Regulation and also the court\u2019s orders. It will also regulate the casinos in a more managed way and protect the investment of foreign investors,\u201d says an official.<\/p>\n
Count Down Starts!<\/h4>\n
Prior to the latest announcement, the government had earlier warned all the domestic casino businesses skipping royalties to clear their pending works within the grace period of 35 days or face legal action.<\/p>\n
It is really alarming to know that nearly eight mini-casinos businesses around the Kathmandu Valley owe some millions in annual royalties to the government despite such regulations over the period.<\/p>\n
Now, the department has kickstarted to determine the exact amount of tax and fee payments that casinos owe the government.<\/p>\n
The Financial Act 2017-18 mandated the casinos businesses to pay Rs 30 million in annual royalty to the government and the amount equivalent to that to the Ministry of Tourism as a bank guarantee within two months of the start of the new fiscal year.<\/p>\n
Now, the Finance Ministry in the latest update has increased the annual royalty to another Rs 10 million under the Financial Act, equaling to Rs 40 million beginning from FY 2018-19.<\/p>\n
Alert Casinos! New Act on the way!<\/p>\n","protected":false},"excerpt":{"rendered":"
In a move streamlining the Nepali casino industry, the Government of Nepal is coming up with…<\/span><\/p>\nRead more<\/a><\/div>\n<\/p>\n","protected":false},"author":761,"featured_media":7787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[6836,6825,6824,6834,6835,6831,6832,6830,6827,6828,98,3069,822,2994,6826,6829,4990,6833,177],"yoast_head":"\n
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