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Ncell, Axiata must pay Rs 38 Billion Tax: Supreme Court

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Ncell, Axiata must pay Rs 38 Billion Tax: Supreme Court
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February 7: The Supreme Court has issued an order asking both Ncell and Malaysian company Axiata to pay the capital gains tax of Rs 38 billion to Nepal government.
Rastriya Samachar Samiti (RSS) reported that the SC issued the order on Wednesday, February 6, in the context that the company was yet to pay the capital gains tax while purchasing Ncell from Telia Sonera.

According to attorney Hari Shankar Gyawali, with the SC decision, Ncell is banned to take away some Rs 7 billion gains before submitting the tax.
A full bench of Chief Justice Cholrendra Shumsher JB Rana, and justices Mira Khadka, Bishwombhar Prasad Shrestha, Dr Anand Mohan Bhattarai and Tanka Bahadur Moktan issued mandamus that the capital gains tax must be paid by the company which is operative and owns the business.

Swedish company Telia Sonera had 80 percent share in the Ncell, which was later purchased by the Malaysian company.
Earlier, the Large Taxpayers' Office had calculated Rs 61 billion tax Telia Sonera had to pay.
After the Telia Sonera sold 80 percent share to the Malaysian company Axiata, the dispute over who shall pay tax had reached the Supreme Court.

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