Arthabichar Nepal - Guide to Entrepreneurs, Startups, and Business Enthusiast

It has been over a year since Nepal Rastra Bank allowed Nepalese Citizens and business houses to own a prepaid dollar card worth US$ 500 for the online transactions. The cap of US$ 500 is per annum. To get the dollar card, one must visit the bank (only Class A and B bank can issue such cards) and submit the following document: a)  Prepaid Dollar Card Application (this can be obtained from concerned bank customer service desk) b) Updated Know Your Customer (this can also be obtained from concerned bank's customer service desk) c) Copy of the PAN Card Number (Original must also be carried in person for verification) Once the necessary form is filled and verification of documents, bank will then create a linked dollar account. This is separate to any other accounts you maintain in the bank. Amount transferred will be equivalent Nepalese Rupee for US$ 500 as of the day when the bank approves such prepaid dollar card. It generally doesn't take more than a day. However, to receive a ...

Profit is a financial gain from the difference between Selling Price and Purchase Price. Higher the gap between selling price and purchase price, higher the profit. Thus, there is an infinite potential for profit. However, business cannot sell their goods if the price is too high and the customers targeted can't afford to pay the set price. At the same time, if the price is set too low, business might not recover all the costs incurred in importing or manufacturing goods or providing services; ultimately, have to close the shop. I must at this point, tell you that neither Income Tax nor Value Added Tax law determine how much profit a business can make. It is general understanding that necessary tax invoice shall be issued on the price the good or services is sold. Similarly, necessary taxes must be paid as defined by the Income Tax law. At this time, I think its important for us to understand how is purchase price and selling price determined. Let's start our discussion with pu...