Officials from different organisation alon with H.E Chen Song. Bishal Shrestha/SATV 

Kathmandu- A discussion program on Taxation, legal and repatriation issues of Chinese Enterprises in Nepal was held in Afolt hotel, Nepal on Tuesday, 21st January organised by Chinese Enterprises Association in Nepal in association with Reanda Biz Serve.

Reanda Bussiness service a private Co. Ltd. is a limited liability company registered under the Nepal Company Law. Reanda Bussiness service is a leading professional consulting company in Nepal. It has a professional consultant team to provide customers with professional business management, consulting services, related consulting services and guidance services. Reanda Bussiness Services Co. Ltd. is a network firm affiliated to Reanda International Network, which is leading independent accounting and consulting firm network in Asia and one of the fastest growing accounting networks in the world . It help them cope with the increasingly complex global business environment and successfully enter the international business field. Its two subsidiaries: Business service company and Business service Information Technology Company which provide customers with administrative and legal services and information system security related services respectively. The mission of the company is to provide customers with truly value- for- money services and become preferred partner for customers. It provides its customers with Foreign Direct Investment (FDI) support and services.

Two way traffic should be implemented by Government officials sitting together to find solutions to problem: H.E Cheng Song, Ambassador of China to Nepal. Bishal Shrestha/SATV

H.E Cheng Song expresses that Nepal is an investment friendly country and both China and Nepal are embarking new journey, objective and visions. He explains that business potential can be made a reality through hard work from both business circle and government officials and expresses his happiness on their active participation. He believes this will provide guidance to all the investors eager to invest in Nepal. He further adds, "I believe that China will really help Nepal to graduate to developing country." He points out that 80-90 % of solar panels technology are produced in China. "60-70% of our products are produced in China. And Nepal enjoys is great electricity." China has very affordable technology and products suitable for Nepal helping to exercise the potential. All in all we need to provide truly investor friendly environment here to Chinese companies doing business in Nepal.

‌He belives Two way traffic should be implemented by Government officials sitting together to find solutions to problem, to live up to the expectation of both countries.

Chinese FDI has helped to strengthen economic ties between Nepal and China：Ramu Paudel，Executive Director of Nepal Rastra Bank. Bishal Shrestha/SATV

Executive Director of Nepal Rastra Bank, Ramu Paudel in his speech hopes that further simplifying procedure Chinese business in Nepal. Chinese investments is the one of the biggest and very important foreign direct investment in Nepal. The central bank of Nepal,NRB recognises the importance on foreign investment and is permitted to supporting the growth of NRB business by providing stable and supporting environment for their operations. Chinese FDI has helped to strengthen economic ties between Nepal and China, increasing trade and investment creating new opportunities for Nepalese business to expand into the Chinese capital, technology and market and extend Chinese economy and market as well. NRB is committed to provide the stable and predictable policy environment to attract the foreign investment in Nepal.

He informs that central bank of Nepal, NRB is gradually simplifying the administrative procedures for the approval of the repatriation of pursuing dividends of foreign investors. He introduces to "Introduction of the new foreign investment and known by law 2021" as one of the steps taken by NRB for simplifying procedure.

He highlights on the provisions of NRB for proceeding Chinese company which can open bank accounts in china. However, companies branch permanent establishment registered in Nepal owned by Chinese parent cannot open bank account in china according to standard rule.

Deputy Director General of Inland Revenue Department (IRD)，Mr. Arjun Prasad Bhattarai. Bishal Shrestha/SATV

Mr. Arjun Prasad Bhattarai, Deputy Director General of Inland Revenue Department (IRD) describes different use of taxation and tax policies by government to incentivize investment, encourage savings and promote business development. Representing Tax Authority of Nepal he adds," we recognise and acknowledge the presence of Chinese Enterprises in Nepal provides numerous advantages for the Inland Revenue Department of Nepal including increased tax revenues, improved efficiency and productivity and reduced unemployment rates".

Chairman of Reanda International, Mr. Huang Jinhui joined the discussion with a video call. Bishal Shrestha/SATV

Chinese enterprise has invested in various sectors such as tourism, infrastructure, and energy have created more job opportunities, improved infrastructure, and enhanced the overall business environment.

The seminar discussed on difficulties in obtaining the refunds, Importing goods under Master-list by chinese project companies. Thus, central bank guarantees to ease the payments process for goods imported under master list approved by the related ministries .

Chairman of Reanda Nepal, Mr. Bharat Rijal presented that there is lack of cultural, environmental, taxation and legal knowledge for doing business in Nepal which can also present range of challenges. Bishal Shrestha/SATV

He assures investors on how Reanda Nepal is fully committed to providing investors with highest quality services and solutions by introducing the "Doing Business in Nepal" guide published in year 2018 which Reanda also published as "Doing Business in Nepal 2023 Chinese Edition", a comprehensive guide that provides valuable insights and practical information for Chinese businesss seeking to expand their operations in Nepal. This provided investors with current economic outlook, investment climate, updated tax regime, updated regulatory requirements, general business framework, cultural and business practices and market conditions of Nepal in a single handbook.

Delegates comming up together for the group photo. Bishal Shrestha/SATV

NRB has decided to let Chinese companies to pay through any convertible currencies they want to. Chinese companies can make a payment through either chinese RNB or USD or other 18 convertible currencies, which means Chinese companies has no restriction for importing goods and services in Nepal.

This discussion wraps up how the institutions from different departments of government and other bodies have worked in collaboration and are directed towards the development of foreign investment and trade for shared development.