Large Taxpayers office (LTO) has determined the Capital Gain Tax amount to recover from Ncell is Rs 39 billion 60 million, 6 lakh, 84 thousand and 814. They ask Ncell to pay the tax amount within 7 days.
There was a controversy with Ncell Capital gain tax issue during the equity transfer of 80% stake from TeliaSonera to Axiata. Ultimately Supreme Court took the decision on Magh 23, 2075, to recover the CGT amount from Ncell Axiata itself.
Although the decision was taken, it took more than 2 months to publish the full text of the Verdict. The Large taxpayer’s office couldn’t determine the tax amount on its own. The full verdict paved the way for the calculation and also asked LTO to recover the amount within 3 months.
TeliaSonera sold the 80% stake in Ncell to Axiata at an amount of 143 billion, 653.7 million Nepali rupees. Large Taxpayers office calculated the total amount of CGT is 60 billion and 712 million rupees. Ncell had already paid 21 billion for the same CGT. So the total amount to recover from Ncell comes at 39 billion and 60 million rupees. As known, Ncell had also paid the late fees and another penalty of 2 billion and 262 million as per Setopati.
Ncell had already issued a press statement saying they will “dutifully and responsibly complied with all relevant regulatory and legal requirements in relation to the transaction”. So, it seems likely that Ncell will come ahead to pay the determined tax amount.
Have your say on the Ncell tax issue that comes at 39 billion rupees now, in the comment section below