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.
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.
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