Ncell directed to clear remaining CGT within a week

Kathmandu, April 17: The Large Taxpayers’ Office (LTO) has Tuesday (April 16) asked telecommunication giant Ncell to pay the remaining capital gains tax (CGT) amounting to Rs 39.06 billion within seven days.

The LTO made such decision by assessing the CGT on the sale of the company that took place three years ago after the Supreme Court issued a verdict on the matter last week.

Ncell is obliged to pay a total of Rs 62.63 billion including fines and interest. The LTO has fixed a total CGT at Rs 35.91 billion and fine and interest at Rs 18.33 billion and Rs 8.39 billion respectively. The company has already paid the government a total of Rs 23.57 billion in two installments.

The Malaysian Company had brought 80 percent stake for Rs 143 billion in April, 2016 from Axiata Swedish Company TeliaSonera.

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