KATHMANDU: Large Tax Payers Office (LTPO) wrote a letter to Ncell, warning that it would take action if the latter did not furnish capital gains tax (CGT) within 15 days.

LTPO has already determined Rs 22 billion 445 million and 300 thousands in outstanding capital gains tax payable to the government by Ncell.

“Ncell had to clear the bill by Friday but it did not. It it does not clear it within 15 days we will take action against the mobile network operator in line with the Section 104 to 109 of Income Tax Act, 2058,” said Jhalak Ram Adhikari, chief of LTPO.

LTPO retains the right to inhibit the transaction to suspend export imports to seize the property under the existing law.

An international court on December 19 had directed the Nepal government not to impose capital gains tax on Ncell buyout deal for the time being.

Earlier, in April, Axiata Investments (UK) and Ncell had moved the international dispute settlement court after LTPO asked Ncell to foot the capital gains tax bill of Rs 62.63 billion on Ncell buyout deal.