Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Taragaon Regency Hotels Limited, operating under the international chain Hyatt in Boudha, Kathmandu, has been recognized as the highest taxpayer in the tourism sector for the fiscal year 2079/80.
Nepal’s largest, 3 hundred 3 room hotel, was honored as an outstanding taxpayer by the Inland Revenue Department. The hotel has previously been recognized multiple times as the top tax-paying company in the tourism sector.
Built with the concept of the Taragaon Cultural Center, reflecting Nepali art and style, the hotel has been significantly contributing to the Nepal’s tourism industry for over two decades by attracting high-end tourists. According to Corporate President Rani Bang, it also provides direct employment to approximately 3 hundred 25 people.
The hotel was conceptualized and constructed before Nepal’s decade-long conflict and commenced operations in 2000, during the peak of the conflict. Despite operating at a loss during the difficult political and economic situation, the hotel quickly turned profitable following the establishment of peace in the country.
In the past, the hotel was honored for paying the highest income tax in the tourism sector in fiscal years 2071/72, 2073/74, 2074/75, 2075/76, and 2076/77. Additionally, the Government of Nepal recognized the hotel in 2076 for contributing the highest amount of foreign currency earnings in the tourism sector.
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