Nepal Bankers’ Association (NBA) organized a one-day knowledge sharing and interaction program titled “Banking and Taxation: Emerging Issues, Practical Challenges & Tax Authority Perspectives”. The program was organized with the objective of facilitating constructive dialogue between the banking sector and tax authorities on key tax-related issues affecting commercial banks and areas requiring greater clarity and coordination.
The program was formally opened with welcome remarks by Mr. Surendra Raj Regmi, Vice President, NBA, who highlighted the relevance of the program in the context of ongoing changes in tax-related laws, policies and provisions. He emphasized that the banking sector has been facing a number of practical issues in taxation, making regular dialogues and engagements with the tax authorities to address emerging issues.
The program featured four technical sessions covering key areas of taxation relevant to the banking sector. The first session, presented by NBA, highlighted the major tax-related practical challenges faced by banks and key areas requiring further clarity and resolution. The second session provided an independent tax expert perspective on emerging taxation issues and practical considerations for the banking sector. The third session presented by the Large Tax Payers Office, focused on tax issues and compliance requirements. The fourth session, delivered by the Inland Revenue Department (IRD), covered recent tax provisions and developments, along with the expectations from IRD.
The program concluded with the closing remarks from Dr. Bhishma Kumar Bhusal, Director General, IRD, who emphasized the importance of continued coordination and constructive engagement among the banking sector, tax authorities and other relevant stakeholders to address practical issues and resolve challenges in tax implementation. He noted that the banking sector is an important sector and has hugley contributed in government revenue generation and expressed the commitment of IRD to work together with commercial banks in addressing the key issues faced by the sector.
