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Section 156
Accounts, audit and annual report of foreign companies
(1) Every foreign company registered in accordance with section 154, as a company established under this Act, shall prepare and audit the annual financial statement including balance sheet and profit and loss account to show the real status of the business within the state of Nepal and end the financial year. It should be submitted to the office within six months from the date of occurrence.
(2) According to the law of the country where the foreign company has its registered office, the annual financial statement, audit report and board of directors' report prepared for each financial year must be submitted to the office within three months from the date of final preparation.
(3) While preparing the annual financial statement according to sub-section (1), the foreign company shall also include the following details:-
(a) Statement prepared by classifying the fixed, current and other assets within the state of Nepal in the name of the foreign company in a separate manner,
(b) A clear statement of the cash amount in the bank or financial institution located in Nepal in the name of the foreign company,
(c) Details of loans and overdrafts taken by foreign companies from financial institutions located in Nepal, if any (d) The total amount of debts and liabilities owed by the foreign company to any resident of Nepal or to a Nepali company registered under this Act.
(4) If the report and details to be submitted to the office according to sub-section (2) and the documents to be attached are written in a language other than Nepali or English, then an official copy of the translation in Nepali or English shall also be attached.
(5) A foreign company that has registered a contact office in Nepal in accordance with section 154, details of salaries, allowances and amounts paid to the employees, consultants or contact persons working in such office, details of tax deducted in accordance with the prevailing law on such payments and payments made for the operation of such office The payment of expenses and expenses and the statement of tax deducted in accordance with the prevailing law must be certified by the auditor and submitted to the office within three months of the end of the financial year.
(2) According to the law of the country where the foreign company has its registered office, the annual financial statement, audit report and board of directors' report prepared for each financial year must be submitted to the office within three months from the date of final preparation.
(3) While preparing the annual financial statement according to sub-section (1), the foreign company shall also include the following details:-
(a) Statement prepared by classifying the fixed, current and other assets within the state of Nepal in the name of the foreign company in a separate manner,
(b) A clear statement of the cash amount in the bank or financial institution located in Nepal in the name of the foreign company,
(c) Details of loans and overdrafts taken by foreign companies from financial institutions located in Nepal, if any (d) The total amount of debts and liabilities owed by the foreign company to any resident of Nepal or to a Nepali company registered under this Act.
(4) If the report and details to be submitted to the office according to sub-section (2) and the documents to be attached are written in a language other than Nepali or English, then an official copy of the translation in Nepali or English shall also be attached.
(5) A foreign company that has registered a contact office in Nepal in accordance with section 154, details of salaries, allowances and amounts paid to the employees, consultants or contact persons working in such office, details of tax deducted in accordance with the prevailing law on such payments and payments made for the operation of such office The payment of expenses and expenses and the statement of tax deducted in accordance with the prevailing law must be certified by the auditor and submitted to the office within three months of the end of the financial year.