LTO reassesses Ncell’s CGT liability at Rs 60 billion


Kathmandu, January 3

At a when it was believed that the issue of on the transfer of ownership of Ncell from to had already been settled, the recently reassessed the tax amount based on Section 57 on the Tax Act.

Arjun Dhakal, information officer of Inland Revenue Department, said this was just a reassessment of tax as the amount paid earlier was not accurate. An initial letter has been sent to the company and the department is preparing to send the formal letter soon, he said. “In the case of large taxpayers, sometimes reassessment of taxes is done. The tax amount determined earlier was inaccurate, so the notice of tax reassessment has been sent to Ncell,” he had told The Himalayan Times earlier.

The reassessed tax amount for ownership transfer is around Rs 60 billion for Ncell. However, today Dhakal could not be contacted despite several attempts to get further details on this issue.

Meanwhile, the phone of Baburam Gautam, the chief administrator of LTO, was switched off. Axiata Investments (UK) and Ncell had moved the international dispute settlement court in April after LTO asked Ncell to foot the capital gains tax bill of Rs 62.63 billion on the Ncell buyout deal.

At that time, Ncell had already paid Rs 23.57 billion to the but tax authorities were exerting pressure on the compa

Read the full story on The Himalayan Times

Read Previous

Melamchi drinking water to arrive in mid-April

Read Next

Nepse begins 2021 by sailing past 2,100 to a fresh peak

Got any Comments/ Questions?