Kathmandu. The maximum investment of foreign companies in casinos operating in Nepal will be 49 percent.
The government is going to bring such a provision through a bill to amend and integrate the existing laws related to tourism. The bill is currently registered in the National Assembly for discussion.
According to the bill, domestic investors will be able to operate casinos in Nepal with joint investment with foreign companies with the permission of the Department of Tourism and the Ministry of Culture, Tourism and Civil Aviation. According to the bill, the maximum investment of foreign investors should be 49 percent while the remaining investment should be made by domestic investors while operating casinos with joint investment with foreign companies.
Casinos operating at the time of commencement of the bill have to maintain share ratio within one year from the date of commencement of this Act. Other provisions related to foreign investment will be in accordance with the prevailing laws.
Similarly, a casino has to spend 2 percent of its net income for social causes such as tourism promotion, education, health, sports, environmental protection and workers’ welfare. Provision has been made in the bill that the amount not spent on social work should be deposited in the government fund and other provisions related to social responsibility will be as prescribed.
