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Nepal Launches Bill Lottery: Consumers Can Win Rs. 1 Million Through Digital Payments

The government has introduced a reward scheme offering cash prizes of up to Rs. 1 million to consumers who make digital payments and collect VAT bills, aiming to encourage tax compliance and reduce revenue leakage.

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Nepal Launches Bill Lottery: Consumers Can Win Rs. 1 Million Through Digital Payments

The Government of Nepal has unveiled a new consumer incentive program that rewards people for requesting VAT bills while making digital payments for goods and services. Under the "Taxpayer Incentive Reward Program Procedure, 2083" issued by the Ministry of Finance, consumers who spend at least Rs. 100 through digital payment methods and whose invoices are recorded in the Inland Revenue Department's system will be eligible for cash prizes. One winner will receive Rs. 133,334 every day through a computerized draw, while a fortnightly bumper winner will be awarded Rs. 1 million. However, purchases made for business purposes and bills related to utilities, transport, air tickets, and government entities are excluded from the scheme. The government said the initiative aims to promote the habit of collecting bills, strengthen tax compliance, improve transaction transparency, and curb revenue leakage and informal business activities.

Nepal Rastra Bank Publishes Thursday's Foreign Exchange Rates; US Dollar at Rs. 149.61

Nepal Rastra Bank (NRB) has published the official foreign exchange rates for Thursday. The buying rate of one US dollar has been fixed at Rs. 149.61 and the selling rate at Rs. 150.21. The British Pound Sterling has recorded the highest value among the major currencies listed, with a selling rate of Rs. 200.16.

Gold Price Plunges by Rs. 5,900 Per Tola on Dhanteras; Silver Also Declines

Gold and silver prices recorded a sharp decline in the Nepali market on Friday, Kartik 20, coinciding with Dhanteras. Gold fell by Rs. 5,900 per tola to Rs. 283,000, while silver dropped by Rs. 110 per tola.

Nepal's VAT Collection Exceeds Target as Consumer Reward Scheme Boosts Tax Compliance

Nepal's VAT collection exceeded its first-quarter target in FY 2083/84, reaching Rs. 41.04 billion, up 10% compared to the same period last year. The increase comes after the Inland Revenue Department introduced a consumer reward scheme encouraging people to demand bills when making purchases.

Nepal Estimates $5 Billion Needed for Reconstruction After Bhotekoshi-Trishuli Disasters

Finance Minister Dr. Swarnim Wagle has estimated that Nepal will require approximately $4.7 billion to $5 billion for reconstruction following the disasters in the Bhotekoshi and Trishuli regions. The government is preparing a phased financing plan, including financial support from India, China, the World Bank and the Asian Development Bank (ADB).

Maya Khola Hydropower's Net Profit Surges 124.52% to Rs 6.38 Crore in Q1

Maya Khola Hydropower Company Limited (MKHC) has reported a 124.52 percent increase in net profit, earning Rs 6.38 crore in the first quarter of FY 2083/84, compared to Rs 2.84 crore in the same period last year. Higher electricity sales revenue and lower interest expenses supported the company's improved profitability.

Khani Khola Hydropower Turns Profitable, Reports Rs 3.65 Crore Net Profit in Q1

Khani Khola Hydropower Company Limited (KKHC) has made a remarkable financial turnaround, reporting a net profit of Rs 3.65 crore in the first quarter of FY 2083/84, compared to a net loss of Rs 1.89 crore in the same period last year.