Long-standing CGT controversy of Ncell comes to end as company clears all outstanding dues

Published On: April 12, 2020 04:40 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, April 12:  Ncell, a privately owned telecommunication company, has cleared all its dues related to outstanding capital gain tax (CGT) on Sunday. 

According to  Jhalak Ram Adhikari, chief tax administrator at the Large Taxpayers’ Office (LTO),  Ncell paid Rs 14 billion 335 million 652 thousand 5 hundred and 46 on Sunday.

The LTO under the Ministry of Finance had decided to recover Rs 22,445,397,955 from Ncell as CGT on the company’s buyout deal that took place in April 2016. Of the total amount, Ncell submitted its first installment of  Rs 4,500,000,000 on Dec 31 and second (Rs 4,500,000,000) on March 31.

With this, long-standing controversy on Ncell CGT has come to an end, according to Adhikari.

Ncell cleared all the outstanding dues including interest amount according to Income Tax Act 2002.

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