KATHMANDU: Private telecommunications company Ncell paid Rs 4.50 billion Capital Gains Tax (CGT) on Tuesday.
Out of Rs 22 billion 445 million and 300 thousand tax determined, Ncell today deposited Rs 4.50 billion at Large Tax Payers Office (LTPO).
LTPO on December 19, had written a letter to Ncell, warning that it would take action if the latter did not CGT within 15 days.
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.
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