By Our Reporter
Foreign companies of different countries have taken away Rs. 81.28 billion cash dividends from Nepal in the last three years. Nepal Rastra Bank had given permission to 97 multinational companies to take away their dividends in between fiscal years 2016/17 to 2018/19.
During the review company, telecommunication giant Ncell’s parent company MS Reynold Holdings took away maximum amount of profit from Nepal. Reynold Holdings has flown away Rs. 44.4 billion from Nepal. However, the company has been barred from taking away any additional amount until it clears Capital Gains Tax. The Supreme Court’s decision on February 6 last year, ordering Ncell to pay CGT has effectively ended Ncell’s hopes of taking away its dividends abroad.
Shareholders of Surya Nepal including ITC Limited of India and British American Tobacco Limited stand second in terms of taking away their dividends from Nepal. These two companies have taken away Rs. 13.44 billion from Nepal.
Other multinational companies in the forefront of making profit from their investment in Nepal include Singapore-based Carlsberg South Asia Pvt Ltd (Gorkha Brewery), Hindustan Unilever (Unilever Nepal), Barun Beverage India Limited (Barun Beverage), Standard Chartered Bank among others.
Economists say that the outflow of dividend in billions of rupees by multinational companies from industrial, hydropower, banking, hospitality and other sectors clearly show good return from investment in Nepal.
Foreign Minister and government officials have public said time and again that foreign investors have been reaping good results from their investment in Nepal.
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