Kathmandu, Feb 6 (RSS): The Supreme Court has issued an order asking both Ncell and Malaysian company Axiata to pay the capital gains tax of Rs 38 billion to Nepal government. The SC issued the order regarding the case on which company was to pay the capital gains tax over sale of Ncell.
According to attorney Hari Shankar Gyawali, with the SC decision, Ncell is banned to take away some Rs 7 billion gains before submitting the tax.
A full bench of Chief Justice Cholrendra Shumsher JB Rana, and Justices Mira Khadka, Bishwombhar Prasad Shrestha, Dr. Anand Mohan Bhattarai and Tanka Bahadur Moktan issued mandamus that the capital gains tax must be paid by the company which is operative and owns the business.
A Swedish company Telia Sonera had 80 percent share in the Ncell.
Earlier, the Large Taxpayers’ Office had determined Rs 61 billion tax to Telia Sonera Company to pay. After the Telia Sonera sold 80 percent share to the Malaysian company Axiata, the dispute over who to pay tax had reached the Supreme Court.