Tiger Palace Resort to pay taxes to govt within three months

KATHMANDU, August 17: The Tiger Palace Resort in Rupandehi was sold a few days ago for USD 15 million (Rs 1.98 billion).

Non-resident Nepalese have bought this hotel, which is being operated by the Australian company Silver Heritage Group Limited.

Silver Heritage Group invested in Nepal through its subsidiary company Silver Heritage Limited. The non-resident Nepalis purchased the hotel through Himalayan Tiger Investment Inc., established in the United States of America. However, some time ago, after the ownership of this hotel was transferred abroad, there was a controversy regarding the purpose of not paying taxes.

Buddhi Sagar Subedi, president of the hotel, said, 'We will pay all the taxes owed to the government within the next three months.'

Subedi said that based on the bank loan liability of the resort and other business liabilities and the losses incurred so far, about Rs 4 billion will be spent.

This amount is based on the expenses incurred for the purchase of shares. It has also been informed that Rs 2 billion is yet to be paid by paying off all types of hotel loans.

Silver Heritage had invested about Rs 5 billion in Nepal to operate this resort alongside a casino.

Due to the covid epidemic and internal disputes during the operation of the resort, the resort could not be fully operational for some years. The resort was incurring a loss of millions of rupees.

Since the resort could not be fully operational, it was not able to pay the principal and interest owed to the bank in Nepal. Tiger Palace Resort will now come into operation under new management.