This shift has also reshaped (and increased) the complexity and level of risk organizations face every day. In this integrated world, it is no longer enough for an enterprise to manage risk strictly within its own borders. To truly mitigate and manage risk, organizations must look beyond their traditional business process walls and at the ecosystem as a whole—the entire supply chain. To do this, risk management processes must change and be adapted to meet new risk and compliance requirements.

The State of Risk Management Today

The world is currently in the midst of the Fourth Industrial Revolution (4IR), during which technologies are fusing across physical, digital and biological domains. In this interconnected world, risk is no longer bound to traditional business structures, people and processes. It is the risk outside enterprise walls—within the supply chain, and at times, third- and fourth-party service providers—that needs attention.

In this interconnected world, risk is no longer bound to traditional business structures, people and processes.

While there are many examples of this in action, the 2021 grounding of megaship Ever Given¹ in the Suez Canal provides insight into how business/process integration can greatly impact enterprises if ignored. In a mere 6 days, the Ever Given being out of commission had an international impact and froze as much as US$10 billion in trade every day that the ship was stuck.² This catastrophe stemmed from a single ship blocking a canal, which has happened 5 times before in the canal’s history.³ The Ever Given situation is an example of how third- or fourth-party risk can have dramatic impacts, because modern enterprises often utilize multiple parties to deliver products and services.

Technology Is Changing Risk Management

The new digital world has also resulted in the crowning of a new king: the cloud. It keeps people connected, enables transformation and agile working, and increases productivity. However, being in the cloud—or using a service hosted by a third-party provider—does not guarantee that the environment is safe. Many enterprises still have a “not my organization, not my problem” mentality. This attitude is dangerous and creates the perfect breeding ground for risk, because many potential external risk factors are left unaddressed until it is too late. The cloud can be a brewing storm for organizations that do not continuously verify and monitor their levels of security, mitigating potential risk sources as they are identified.

Being in the cloud—or using a service being hosted by a third-party provider—does not guarantee that the environment is safe.

Technology shapes the customer experience, speed to delivery and services provided. This intermingled web relies on third-party and cloud-hosted services to survive. However, if organizations were asked what risk stems from these services (and what steps they have taken to mitigate this risk), most would not be able to provide answers.

While 88% of enterprises consider cybersecurity a business risk,⁴ there has been an increase in cybercriminals using third-party services for their attacks.⁵ This could take the form of something as simple as a ransomware attack or as serious as a patient’s pacemaker being hacked. Reliance on cloud and third- and fourth-party cloud-hosted services requires organizations and risk management professionals to consider risk on a much wider scale.

Is Integrated Risk Management Obsolete?

As the risk landscape changes and extends beyond traditional enterprise walls, it raises an important question: Are integrated risk management (IRM) practices obsolete?

While IRM enabled risk professionals to break down departmental silos and look at organizations as a whole, the risk business (and how business is conducted) has evolved. With more technology, vendors and suppliers, there is a need to take risk management controls a step further. They can no longer be managed at arm’s length.

To do this, risk professionals need to move into environments where they can work together with external stakeholders to manage and mitigate risk. Looking at the entire supply chain, it becomes clear there is a need to take risk management approaches to the next level and embrace a transformative approach to risk.

A transformative risk approach focuses on identifying, managing and mitigating risk across the entire ecosystem. By focusing on integrating risk management across the ecosystem and embedding it into processes, risk professionals are able to manage risk across the supply chain. However, it is not always easy to do this effectively without impacting productivity and the agility the digital world demands. This is especially true for industries such as healthcare, in which the quality of care is heavily reliant on healthcare vendors, suppliers and technologies.

Embedding a Transformative Risk Mindset

While digital advances have enabled the healthcare sector to enhance its level of care, the reliance on technology and third- and fourth-party providers has introduced new risk that goes beyond financial and reputational impact. In this industry, third- and fourth-party risk can impact patient safety.

To better identify and manage this risk, healthcare provider Advocate Aurora Health adopted a transformative risk management approach. Using this approach, the cybersecurity governance, risk and compliance (GRC) team introduced a new risk management process that incorporates stakeholders across the implementation process and integrates transformative risk management practices at all levels of the organization.

The secure solution development life cycle (SSDLC) process has enabled the organization to ensure risk, compliance and security are assessed from concept to implementation and beyond. This risk lens is also used for any third- and fourth-party vendors and suppliers, ensuring that proper due diligence is taken while still in the solution assessment stages.

Using SSDLC, the organization is able to identify and address risk and security issues long before they become serious problems. SSDLC has also enabled regulatory and industry compliance requirements to be incorporated into each step of the enterprise’s procurement and IT processes.

The Aurora team has taken it a step further by implementing this approach into other risk, security and compliance frameworks, including monitoring activities. The result? Risk is continuously assessed, audited and reevaluated on an ongoing basis, enabling Aurora to reduce and mitigate risk across its supply chain. It has also been able to better vet third- and fourth-party solution providers and enforce security and risk protocols to stay in compliance.

By adopting this transformative risk management approach, the Aurora team has been able to break down internal and external silos and better manage risk as a whole. In turn, the organization has created a more agile approach to its risk management processes and contributed to a more secure (and compliant) ecosystem.

Stakeholders: The Key to the Risk Puzzle

To create a robust risk and governance framework, risk professionals must engage with stakeholders across all stages of business processes and beyond their own organizations’ walls.

As Aurora has showcased, there is a need to implement governance, risk and compliance (GRC) steps at both foundational and implementation levels to sustain a truly proactive risk management approach. The key: stakeholder engagement.

By engaging with stakeholders across the ecosystem, risk professionals can realize several benefits:

• Enhanced governance processes
• More refined risk management approaches
• Thoroughly identified and incorporated compliance and regulatory obligations
• Continuously improved processes

These accomplishments help shape risk processes, assessment criteria and risk management plans. In turn, risk professionals are motivated to work together with stakeholders (both internal and external) toward a common goal: reducing and mitigating risk across ecosystems.

While many enterprises such as Advocate Aurora Health are embracing more transformative risk management approaches, risk management practitioners have been left behind. It is time to break down our own risk management walls and start looking at the entire risk process. Otherwise, we run the risk of becoming stuck in our own risk management canals—with no way out.

Endnotes

¹ BBC, “Suez Canal: Ships Stuck in ‘Traffic Jam’ as Salvage Efforts Continue,” 27 March 2021
² Ibid.
³ Dzhanova, Y.; “The Suez Canal Has a Contentious History and Has Been Blocked and Closed Several Times Since Opening,” Business Insider, 28 March 2021
⁴ O’Driscoll, A.; “30+ Data Breach Statistics and Facts,” Comparitech, 4 January 2023
⁵ Ibid.

• The government will run a decade-long campaign for the up-liftment of innovation and entrepreneurial sectors till 2089.
• There will be made arrangements for the use of “Made in Nepal” products in government offices and units as much as possible
•  For the Youth empowerment and supporting innovation and start-up culture, the previously made policies on start-up promotion will be continued
• Rapid Economic Growth by optimum utilization of Available resources
•  Production oriented economy by partnership with private sector
•  Self Sustainability on agriculture & Forest Products
• Strengthen of public welfare by providing social security & health insurance benefits.

Budget Priorities

• Tourism Sector: Rs. 9.38 Arba
• Ministry of Agriculture and Livestock Development: Rs 55.97 Arba
• Industrial Infrastructure: Rs 3.89 Arba
• Ministry of Industry, Commerce and Supplies: Rs 10.48 Arba
• Prime Minister’s Employment Program: Rs 7.5 Arba
• Health Insurance Program: Rs 7.5 Arba
• Ministry of Health and Population: Rs 69.38 Arba
• Rs. 2 Kharba to state and Rs. 40 Arba to the Local level
• Per capita income of Nepal is increased by Rs 18,000.
• Establishment of business incubation centers: Rs. 26 Crores.
• Rs.6.53 Arba budget allocation for railway construction.
• Rs.2.46 Arba to the Ministry of Youth and Sports.
• Rs.13 Arba allocation in forest and environment sector.
• Rs. 6.70 Arba allocated for postal highway.
• Continuity of constituency strategic road; Rs. 7 Arba.
• Rs. 70.05 Arba for Education Sector.
• Rs. 1.42 Arba for the construction of all local level administrative buildings within two years
• Building of public infrastructure with strategic importance
• Rapid industrialization program
• Ending all types of discrimination & inequality & access to judiciary services for law seeker
• Coordination & cooperation between 3 levels of government for the overall development of economy
• Digitalization of government services.

Budget Size

General Taxes -2079-80

Waiver, Concession , Facilitates & Relie

1. Waiver of Fees & Interest.

If any person who have not paid tax and filled their annual income tax return , if takes his PAN and file his Income tax return for F.Y  2075-76, 2076-77 & 2077-78  with in Poush end 2079, then all the fees & interest there on shall be waived.

Similarly all the fees & interest before that period shall also be waived.

2. BPO, Software Programming and Cloud Computing
BPO, Software programming and cloud computing business earning and bringing foreign currency in Nepal in F.Y 209-80 will be charged tax @ 1% of taxable income.

3.Excise on Self Removal system

Where any person have registered themselves in excise on self removal system have not paid excise and submitted their return till 2078 Chaitra end, if pays the excise and 50% interest thereon with in Poush end 2079 then no additional penalty , special fee and delayed interest shall be waived off

4.Write off of Excisable Stock

Any person can write off their excisable product which are more than 15 years old by written notice to IRD with in Poush end 2079.

5.Income reduced of D01 & D02

Any taxpayer filling return under D01 & D02 forms if have declared low income till 2077-78 can declare the additional sales by paying 1.5% of additional sales amount with in Chaitra end 2079. All interest, fees , penalty and other tax needs not required to be paid.

6. Relief related to Vaccine Industry

Vat, excise and custom on imported machinery is fully waived off in the year 2079-80 for the Persons involved in the business of vaccine industry.

7.Relief for Liquid Oxygen

Vat, excise and custom on imported machinery is fully waived off in the year 2079-80 for the Persons involved in the business of liquid oxygen industry.

8.Relief for Transport Service Provider

Transportation of Goods Service Providers, who has received the rental income from the natural persons not registered under PAN in the FY 2076/77, withholds and pays the TDS as per proviso 8 of Section 88(1) of Income Tax Act, 2058 then such expenses shall be deductible while computing taxable income of FY 2076-77, even when no invoice of such transaction is available.

9.Agriculture Income

Any person(Natural person & entity) engaged in agriculture business, vegetable dehydrate, Cold storage shall be provided 100% tax rebate

10.Vaccine, Oxygen gas & Sanitary Pad Industry

Person engaged in vaccine, oxygen gas & sanitary pad industry is provided 5   years full tax rebate instead of 3 years then next 2 years 50% rebate.

11.Rebate to Tax Payer affected by COVID-19

* Loss of F.Y 2076-77 & 2077-78 of Tax payer mentioned in 4  can be carried forward for additional 3 years.

12.Export Income

Any manufacturing person who is engaged in export shall be provided 50% additional rebate( earlier it was 35%)

13. Relief to Joint Venture

If any joint venture registered in VAT who have not submitted their vat return till 2078 Chaitra end , if submits their vat return along with vat amount and 50% of interest with in Poush end 2079, then penalty , special fees and remaining interest shall be waived.

14.Relief on renewal of Private firm & companies

If the Private Firms established under Private Firm Registration Act, 2014 or Company registered under Companies Act 2063 that have not submitted the annual returns and/or not renewed its registration up to FY 2076-77 submits up to date annual returns and fees & penalty of 5 % then the remaining penalty shall be waived.

Tax Rate for Natural Person

Effective Tax Rate after application of Sec 11

Tax Rate for Small Taxpayer U/s 4(4)

Applicability

• The person has income from source in Nepal only
• The person has not opt for tax credit u/s 51 and 93
• The person has profit unto Rs 300 thousands and turnover up to 3 Million
• The Person has opted to tax under presumptive Basis
• The Person is not registered in VAT.

Tax Rate

Tax Rate for Small Taxpayer U/s 4(4ka)

Tax Rate for Taxpayer Engaged in Public Transportation U/s 1(13)

TDS Rate

Provision Related to TDS

General Provisions:

• Withholding Tax needs to be deposited along with TDS Return with IRO within 25 days from the end of month.
• Withholding Tax Certificate should be issued to the person from whom tax has been deducted based on the TDS Return filed with IRO to get the credit for such tax.
• In case of delayed payment of WHT, the applicable rate of Interest is 15% per annum. Penalty of 2.5% p.a. on TDS amount will be levied for no submission of e-TDS return within prescribed time limit. Penalty u/s 117 and 120 shall be imposed on Non-payment of TDS and non-submission of TDS Return.

No TDS is required to be deducted on the following:

• Remuneration to the writer of articles published in Newspaper & Magazines.
• Inter-Regional interchange charges paid to a bank issuing Credit Cards.
• Interest or fee paid by GoN, under an agreement, to Foreign Govt. or an International Organization. (To which Nepal is a party)
• Interest and Dividend paid to a Mutual Fund
• Payment of Interest to a Resident Bank or Other Resident Financial Institution.
• Payments that are exempt from tax
• Life/General Insurance premium.
• Incentive amount for consumer who have paid      their bill through electronic payment instruments like payment card, e-money(wallet), mobile banking.
• Interest paid or received between cooperative banks and cooperative societies.

Business Exemption/Concession & Facilities

Advance Income Tax

• Where an installment of tax paid by a person is less than 90% of tax payable, the person shall be liable to pay an interest @ 15% p.a. for each month & part of month from the date of first installment on the amount to the excess of 90% of the installment that would have been paid over the installment paid.
• The presumptive tax-payers need not require paying any advance tax as above. If the tax amount is less than Rs 7,500 no installment is required to be paid.
• Penalty of Rs. 5000 or 0.01% of the assessable income whichever is higher, shall be imposed for non submission of estimated tax return.

Review & Appeal

Other

• Where an installment of tax paid by a person is less than 90% of tax payable, the person shall be liable to pay an interest @ 15% p.a. for each month & part of month from the date of first installment on the amount to the excess of 90% of the installment that would have been paid over the installment paid.
• The presumptive tax-payers need not require paying any advance tax as above. If the tax amount is less than Rs 7,500 no installment is required to be paid.
• Penalty of Rs. 5000 or 0.01% of the assessable income whichever is higher, shall be imposed for non submission of estimated tax return.

Other Amendments In Direct Tax

• Rich in water resources with multiple sources of water, including glaciers, snowmelt from the Himalayas, rainfall and
• Theoretical capacity of hydropower is around 80,000 MW, out of which 43,000 MW is estimated to be economically
• As per the government policy to encourage the production and use of electricity, the production and consumption of electricity is increasing. The access to electricity of the population has reached 0 percent in mid-March 2021 with the increase of the electricity production. As of mid-July 2020 the access to electricity was 90.0 percent of the population.
• Total electricity connected to the national grid has increased by 4.1 percent to 1,458 megawatts, in mid-March 2021, compared to that of the 1,401 megawatts of July Out of the total generated electricity, 1299 megawatts is from hydroelectricity, 30.14 megawatt solar plant,53.4 megawatt thermal plant, 72 megawatts from renewable energy and 3 megawatt as the by-product of the sugar mills.

• As of mid-March of 2021, the power generated by projects owned by Nepal Electricity Authority (NEA), 645 megawatt and private sector owned hydropower project 742.45 megawatt are connected with the national
• As of mid-March of 2021, the electricity imported from India was 1,488.94 gigawatt hours and exported 33.85 gigawatt hours. In fiscal year 2019/20 the import of electricity was 1729 gigawatt hours and the export was 107 gigawatt hours.
• • In fiscal year 2020/21, survey licenses have been issued to private sector hydropower companies for the generation of an additional installed capacity of 231.8 megawatt hydropower. Altogether, survey licenses of total installed capacity 17,064 megawatt electricity have been issued to generate electricity from 269 projects of as of mid-March of
  • To meet the target of graduating from least developed country (LDC) status to developing country status by 2022 AD and become a middle income country by 2030 AD, additional 6,000+ MW (which requires investment of approximately USD 10 billion) is required, consequently huge
  • Investment opportunities in the up-gradation and expansion of distribution systems (for which investment of approximately USD 2 billion is required) and transmission systems (for which investment of approximately USD 45 billion is required).
  • The Power Trade Agreement (PTA) signed with India has opened up a large market for
  • The SAARC Framework agreement on Energy Cooperation signed during the 18th SAARC Summit in 2014 has paved the way for the eventual formation of a regional energy
  • Tax holiday of 100% for first 10 years and 50% for next 5 years.

  Electricity Production, Demand and Infrastructure Status

  Particulars	2015.16	2016.17	2017.18	2018.19	2019.20
  Electricity Production (MW)	855.89	972.49	1074.135	1182.21	1401
  Transmission Line (KM)	3,006	3,483	3,538	3,990	4,251
  Distribution Line (KM)	124,115	124,976	139,825	144,536	164,643
  Peak Demand (MW)	1,385	1,444	1,508	1,320	1,408
  Access of Population to Electricity (in %)	63.19	68.30	84	88	90

  Source: Economic Survey, GoN Fiscal Year 2077.78 (2020.21AD)

  2. Tourism

  • Tourism sector is the highly affected sector from the Covid-19. In 2019 the arrival of tourists was increased by 1 percent whereas such arrival was decreased by 80.8 percent in 2020. Foreign currency earning has reduced by 70.0 percent during the same period. In 2020 the number of total tourist arrivals was limited to 230,085.
  • With the world’s highest mountain range, the Himalayas, and 8 of the 10 highest peaks in world, popular among mountaineers, trekkers and adventure
  • Offers beautiful lakes, steep rivers and gorges, unique wildlife, historic monuments, impressive fine arts, significant religious sites and exotic cultures attracting a wide array of travelers for a variety of
  • A destination for religious tourism and
  • Lumbini, the birthplace of Lord Buddha, and Pashuptinath and other Hindu pilgrimage sites are the main attractions for people following Buddhism and
  • Opportunities in developing tourism infrastructure (hotels, restaurants, roads, airports, cable car ).
  • Also great potential for expanding the market for meetings, international conferences and events (MICE).
  • Plans to upgrade the current international airport are underway, which will increase the tourist traffic

  Tourists arrival data of Nepal

  Year	No. of Tourists	Average stay (days)	Annual Growth
  2020	230,085	15.1	-80.8%
  2019	1,197,191	13.0	2.1%
  2018	1,173,072	12.4	24.8 %
  2017	940,218	12.6	24.9%
  2016	753,002	13.4	39.7%
  2015	538,970	12.8	-31.8%
  2014	790,118	12.4	-0.9%

  Note: arrival of Indian Tourist by land not included)

  Source: Economic Survey, GoN Fiscal Year 2077/78 (2020.21 AD)

  3. Infrastructure

  • As the country is focusing on the development of infrastructures, lots of opportunities to expand the road network in PPP
  • As of mid-March of 2021, the total length of the road has reached 33,528 kilometers including 15,974 kilometers blacktop (including strategic and local road networks), 8,582 kilometers graveled and 9,972 kilometers fair weather. By mid-July 2020, there were 33,244 kilometers of roads including 15,424 kilometers blacktop, 8,622 kilometers graveled and 9,198 kilometers of fair
  • Nepal’s main highways require expansion to accommodate the increase in traffic, which is another area for public-private
  • In order to cater to the needs of the growing population, the development of mass public transportation systems – bus-rapid transport (BRT), railways, monorails, airports has been prioritized. To finance these projects, the government is looking at public – private
  • The number of international airlines operating in Nepal was 29 in last fiscal year whereas it has remained 27 as of mid-March of the current fiscal The number of countries having bilateral airline services agreement has reached 40. The annual two way airlines seats have reached nearly 7.8 million. The number of domestic airlines in operation (Fixed wing + Rotor wing) has reached 20.
    • All over the country there are 54 air Of the total airports, 37 airports are feasible to operate in all weathers. The regular air services are being carried out in 35 airports in all weather. One domestic and 3 international airports are under construction.
    • Eight north-south corridors (roads) linking China and India through Nepal, a cross-border railway line connecting Kathmandu with China, five cross-border railway lines, ultimately connecting Kathmandu with India, a railway line along the East-West Highway, and cable cars in the hilly regions are planned.

  4. Agriculture

  • Economy is largely dependent on agriculture, which accounted for about 26 % of GDP and absorbs about two- thirds of the labor
  • The contribution of agriculture sector (agriculture, forest and fisheries) to GDP was 7 percent in fiscal year 2011.12 whereas it has been gradually decreasing in recent years and is estimated to remain 25.8 percent in fiscal year 2020.21.
  • According to the Nepal Labor Force Survey of 2018, 60.4 percent of the population is engaged in agriculture
  • About 28% of the total land area is cultivable
  • Government is focused on the modernization, diversification, commercialization and marketing of the agriculture
  • Government plans to make available agricultural inputs, such as irrigation, electricity, transportation and agro-credit.
  • The Nepal Trade Integration Strategy 2010 focuses on the development of cardamom, ginger, honey, lentils, tea, noodles and medicinal herbs/ essentials oil as priority export
  • Good opportunities exist in agriculture production; processing, packaging and
  • Non-timber forest products, cardamom, ginger, aquaculture, vegetables, floriculture, tea, coffee and honey offer many
  • Good opportunities in input markets (such as for seeds, nurseries, fertilizers, agricultural infra- structure and technology, and agriculture financing).
  • Due to favorable climatic conditions, the focus on high value organic crops is increasing.

  5. Information and Communication Technology

  • One of the fastest emerging sectors in the country, with huge potential for growth in the coming
  • All areas open to foreign direct investment except for media. For telecommunications, 80% foreign ownership is
  • The Government has identified IT and business process outsourcing (BPO) as one of the five priority potential export service
  • Only two major telecommunications companies (NTC and NCell) dominating the sector, ample room for new firms to enter the
  • By mid-March of fiscal year 2021, telephone density has reached 130.3 percent and the internet subscriber density has reached 82.2 percent. In mid-July 2020, telephone density was 7 percent and internet subscriber density was 73.0 percent. Access to internet service was reached 73.0 percent of the population in the last year, whereas it has increased to 82.8 percent in the current fiscal year.
  • As of mid-July of 2020, optical fiber has been laid in 293 kilometer area to provide high speed internet to Mid-Hill Highway and surrounding As of mid-March of current fiscal year, 767 kilometer area has been added making a total of 1060 kilometer of fiber laid area.
  • Foreign BPO companies can tap into the young English-speaking population and benefit from the cost advantages offered by the low wages and low establishment and operating
  • The time zone favorable for companies looking to outsource from America or
  • Unmet needs for the use of ICTs in governmental agencies and the private
  • Long Himalayan range and cold climate in the surrounding area presents opportunities for establishing data mining/warehouse industries in Nepal.

  Some indicators related to ICT

  Indicators	Till Mid-March 2021
  Telephone Density (%)	130.34
  Broadband Density (%)	82.79
  Customers of mobile telephone (in millions)	38.21
  Broadband Subscribers (in millions)	24.73

  Source: Economic Survey, GoN Fiscal Year 2077.78 (2020.21AD)

  6. Health and Education

  • Opportunities exist in developing education infrastructure, including upgrading and building educational institutions and even education cities (medical, IT, engineering, management etc.), for which the government is seeking to engage in private-public partnership.
  • Every year, thousands of students go abroad for further studies spending large sums of With more and better education institutions within country, this could be avoided.
  • Government is looking to develop health infrastructure, including modernization and increasing the capacity of health facilities and mobilizing privately-run hospitals by means of public-private partnership.
  • Persistent shortages of quality medicines in the market presenting opportunities for manufacturers of pharmaceutical goods.

  7. Financial Sector

  • Although the financial sector is growing at a rapid pace, still a significant portion of Nepal’s population has no bank
  • As of the mid-March 2021, a total of 143 banks and financial institutions are in operation including 27 commercial banks, 19 development banks, 20 finance companies, and 76 micro finance companies and 1 infrastructure development bank. Similarly, 40 insurance companies (including 19 life insurance,20 non-life insurance and 1 reinsurance company), 29,886 co- operatives (savings and credit cooperatives), Employees’ Provident Fund, Citizen Investment Trust, Deposit and Credit Guarantee Fund, Social Security Fund and Postal Saving Banks are also in
  • For the facilitation of electronic transactions, 10 institutions have obtained licenses for payment system operators and 28 institutions have obtained licenses for payment service The R. T. G. S. system has come into operation.
  • The weighted average interest rate on 91-day Treasury Bills was 3.9 percent in mid-March 2020, whereas it has come down to 2.03 percent in mid-March 2021. The weighted average interest rate in interbank transactions between commercial banks has declined to 1.3 percent in mid-March 2021 from 4 percent in mid-March 2020.
  • Banking services are heavily concentrated in urban
  • Financial sector of Nepal still has a large untapped market for banking and financial
  • By mid-March of 2021, population having access to insurance services has reached 4 percent. It is estimated that about 26.0 percent of the population have access to insurance, including foreign employment and term life insurance.
  • Nepal’s Insurance market has also huge potential as the penetration rate is very low.

  8. Mines and Minerals

  • Nepal has an abundance of minerals used in industry and construction, including limestone (most abundant), coal, talc, red clay, granite and marble, gold, and precious and semi-precious stones (tourmaline, aqua- marine, ruby and sapphire).
  • Recent studies have shown that Nepal may have 2.5 billion metric tons of cement grade
  • Nepal has an estimated 5 billion metric tons of dolomite and 180 million metric tons of high grade
  • The western part of Nepal has witnessed gas and oil seepage, confirming the presence of oil and natural gas in
  • About 10 petroleum and natural gas exploration sites have been identified so
  • Nepal has more than 20 million metric tons of ore reserves in more than 80 locations.

   

  • Copper occurs in Nepal in more than 107
  • About 10 petroleum and natural gas exploration sites have been identified so
  • Nepal has more than 20 million metric tons of ore reserves in more than 80 locations.

   

  • Copper occurs in Nepal in more than 107 locations.

Detail List of Nepal Financial Reporting Standards 2018

Note: NFRS 2013 version of NAS 11: Construction Contracts, NAS 17: Leases and NAS 18: Revenue Contracts, will continue to be effective until superseding standards will come into force on July 16, 2021. NFRS 17: Insurance Contract will be effective from 17^th July, 2023Other Accounting Standards