All information, news, offers of Telecommunication in Nepal

Axiata Ncell internationalizes the capital gain tax issue

Axiata Ncell has internationalized the pending tax issue. They have filed a request, seeking arbitration for the resolution of the capital gain tax (CGT) issue, for which Supreme Court earlier decided to recover from Ncell Axiata. Later Large Taxpayers office asked Ncell to pay Rs 39.06 billion within a week.

Axiata Group’s UK Subsidiary and their Nepal mobile operator, Ncell made the request for the arbitration at the international center for the settlement of investment disputes (ICSID). It is a center under the World bank which looks after the tax and investment disputes.

Axiata Group also informed the Nepal Government about the issue, last Friday.

Ncell also filed a petition in the supreme court challenging the tax amount of Rs 39.06 billion, calculated by LTO. They also claim that there is some error in the calculation of the CGT amount by the authorities. They further claim the CGT amount of just Rs 14 billion from the sold out of Ncell company from TeliaSonera to Axiata at Rs 143.6 billion.

SC had temporarily stayed the tax recovery and asked further discussion on May 6. Until that day, they asked the government authorities for not to take further steps for the tax recovery. Along with the legal action in the country, they go international for not to leave any stone unturned for their claim.

In the request, Ncell points the bilateral agreement dated March 2, 1993, between Government of UK, Great Britain & Nothern Ireland and Government of Nepal for the promotion and protection of Investments. So, Ncell claims Nepal government contravenes the bilateral agreement with the imposing of the CGT.

Latest Gadget Deals 📣

Apple Macbook Air
Shop on Daraz & Get 1 Year Brand Warranty + 14 Day Easy Return, Free Shipping & More | Shop Now

Rs. 159,900
Buy Now

realme 10 Pro Plus
Exclusive Launch on Daraz | Prebookings have begun | Voucher Discount of Rs. 2000 for first 50 customers

Rs. 45,999
Buy Now

GoPro Hero 11
Certified Daraz Mall Store| 14 Day Easy Return | Free Shipping | 1 Year Brand Warranty

Rs. 83,500
Buy Now

Follow us on Facebook, Twitter, and Viber to get the latest news, and information about Nepal Telecom, Ncell, Smart Cell, ISPs, mobile apps, and phones in Nepal.


You might also like

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy