Nepal Foreign Trade
Association today suggested the Department of Money Laundering Investigation to
investigate the income earned through criminal activities, human, drugs and
arms trafficking, and kidnapping only.
"Since there was a
provision not to keep old records of paid taxes after six months, it will be
impractical for the department to investigate on the source of income of
entrepreneurs," said president of the association Ashok Kumar Agrawal.
Entrepreneurs have not
kept old records of their businesses as the law of the land had also not asked
for it, he said, asking the director general of the department Surya Prasad
Acharya that the current investigation of entrepreneurs will not help create an
investment friendly environment. "Investors will be terrified if they are
asked to produce proof of their income now."
Earlier, the Income Tax
Act 2031 BS and 2058 BS had asked businesses to keep records of up to six
months only, and the current capital gain tax was also not levied by the
government during land, house and share transactions, Agrawal added. "Likewise,
successive governments had also brought the self declaration of tax and
exempted taxes of five, seven and 10 years, which has to be considered while
investigating money laundering issues."
If the department starts
a blanket investigation against money laundering, entrepreneurs will be
harassed, which will have a negative impact on the economy, the association
said, urging the government to let everyone declare their property once and
start investigations of the income that has no source.
However, Acharya said
that the government cannot bring the self declaration of property provision
again as it will be illegal. "The government has brought the Anti Money
Laundering Act not to harass entrepreneurs, but to take action against
criminals who have no fixed source of income but have accumulated huge
wealth," he said, adding that the department is positive towards those who
have businesses and regular income source.
Entrepreneurs have to
put themselves in the government's shoe and we will also try to put ourselves
in theirs to find an amicable solution, he said.
Though the department
has prepared many cases against criminals, regular changes of the chiefs in the
department have slowed down the process of initiating action against money
launderers. Since its establishment around two years back, the department has
seen four director generals also due to cases that are against dons who are
close to the ruling parties.
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