KATHMANDU, April 24 (Xinhua) -- Nepal joined a multilateral tax cooperation mechanism under the Belt and Road Initiative (BRI) last week as a founding member could help attract foreign investment from the countries associated with the BRI, a senior tax official of Nepal said.
The BRI Tax Administration Cooperation Mechanism (BRITACOM) was formed on Thursday in Wuzhen, Zhejiang province ahead of the second the BRI summit in Beijing.
Nepal is one of 34 founding members of the mechanism which aims to facilitate cross-border trade and investment along BRI routes by helping resolve tax disputes.
Bimal Sapkota, director of Nepal's Inland Revenue Department, who participated in the three-day event in Wuzhen told Xinhua on Tuesday that joining the BRITACOM would give Nepal a platform to explain about the country's tax system to the BRI nations, thereby helping the country to attract investment from these countries.
"We can also improve our tax system after studying tax systems in countries associated with BRI," he said.
According to him, there are various training programs planned for officials of the member countries regarding the taxation in member countries and modernization of taxation system.