Ncell begins paying outstanding capital gains tax

3 Jan 2020

Ncell, Nepal’s second largest mobile network operator (MNO) in terms of subscribers, has started to pay an outstanding capital gains tax (CGT) bill of NPR22.6 billion (USD195 million) levied by the Large Taxpayers’ Office (LTO). Ncell, which is owned by Axiata Group, has deposited NPR4.5 billion and sought permission to pay the remainder in instalments, reports The Himalayan Times citing Jhalak Ram Adhikari, the LTO’s chief tax administrator. The LTO had ordered Ncell to pay the disputed CGT bill in full by 23 December, following a Supreme Court ruling that determined the firm’s outstanding liability. Meanwhile, the issue is also being examined by the International Centre for Settlement of Investment Disputes, which recently ordered the Nepalese authorities to desist in its efforts to recover the money.

Nepal, Axiata, Ncell Axiata