May 24, 2024

International chain hotels representatives urge govt to revise amendments to FITA

International chain hotels representatives urge govt to revise amendments to FITA

KATHMANDU, Feb 02:Representatives of foreign chain hotels operating in Nepal have called for an amendment to the Foreign Investment and Technology Transfer Act (FITA), saying that they are in trouble.

On Thursday, a representative from the chain hotel met with Finance Minister Dr Prakash Saran Mahat and urged that the FITA be revised immediately because some of its rules have caused them  face unnecessary hassles. They asserted that multinational chain hotels are leaving Nepal as a result of FITA's revised royalties arrangements.

Representatives from internationally chain hotels met with Minister Mahat at the Ministry of Finance, led by Desh Bandhu Basnet, Chairman of the Tourism and Aviation Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). Anirudh Kumar, Juhi Roy, Nikhil Sharma, Amit Nagpal, Javed Ali, and Ajay K Bakaya were among the top chain hotel representatives.

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