KATHMANDU, June 24: The Supreme Court (SC) has refused to continue a stay order issued earlier on a writ petition filed by controversial businessman Ajeya Raj Sumargi, who had sought court order against the revised amount of capital gains tax (CGT) determined by the government on the sale of 75 percent stakes of his firm, Nepal Satellite Telecom.
KATHMANDU, April 30: Ncell and its parent company Axiata Group of the UK have filed a case for arbitration at the International Centre for the Settlement of Investment Disputes (ICSID) regarding the capital gains tax (CGT) assessed on the telecom company by the Government of Nepal.
KATHMANDU, April 26: Though the Large Tax Payers Office (LTO) had given Ncell Pvt Ltd seven days to pay its Capital Gains Tax (CGT) of Rs 39 billion and that deadline expired on Monday, the telecommunications company is 'dillydallying' in meeting its tax liability.
KATHMANDU, April 17: Large Taxpayers' Office (LTO) has assessed the tax amount of Ncell buyout and asked the company on Tuesday to pay the remaining capital gains tax (CGT) amounting to Rs 39.06 billion, which includes interest and fine, within seven days.
KATHMANDU, Feb 10: Axiata Group, the owner of Ncell Private Limited, has claimed that it has no additional obligation to pay CGT to the Government of Nepal. It has claimed that the responsibility lied with the seller from which it acquired Ncell.
KATHMANDU, June 7: Trading resumed in Nepal Stock Exchange (Nepse) in the second half Wednesday's trading session after investors withdrew their protest against the new capital gains tax (CGT) calculation method enforced by the Inland Revenue Department (IRD).
KATHMANDU, June 6: The stock market came to a complete halt Tuesday as investors 'boycotted' trading to protest the change in the way the capital gains tax (CGT) on rights and bonus shares is calculated.
KATHMANDU, June 5: Nepali stocks ended broadly lower on Monday as talks between representatives from investor associations and government regarding the recent changes in Capital Gains Tax (CGT) ended inconclusively.
KATHMANDU: The sole equity market of Nepal came under pressure throughout the trading session on Sunday. The Nepal Stock Exchange (Nepse) index fell sharply on the first hour of trading and declined further after it failed its attempt to pullback mid-day. Eventually, the index lost 33.71 points, or 2.58 percent, to end the day at 1,273.95 points.
KATHMANDU, Jan 4: Large Taxpayers Office (LTO) under the Inland Revenue Department (IRD) has asked Telia Company (Telia Sonera Group) - the former owner of Ncell --- to pay outstanding tax dues worth Rs 65.4 billion, including interest, within 15 days.
KATHMANDU, June 5: Ncell has paid the Capital Gain Tax (CGT) amidst a debate over whether the tax should be paid or not and who should pay the tax as there was no clear provision on acquiring CGT on offshore transactions. The amount paid by the Ncell as the CGT calculates to be the 15 percent of the share transactions.
KATHMANDU, June 4: Ncell has paid an additional Rs 13.6 billion to the government as capital gains tax (CGT) on its share buyout that took place over two years ago. Spokesperson for the Inland Revenue Department (IRD) Chandra Kala Paudel informed Republica that the private sector telecom company paid the CGT at the Large Taxpayer’s Office at Hariharbhawan on Sunday.
KATHMANDU, April 09: Prime Minister Pushpa Kamal Dahal said that the government is committed to recover the capital gain tax (CGT) by the transaction during the sale and purchase of GSM operator Ncell.
KATHMANDU, April 2: Prime Minister Pushpa Kamal Dahal said that the government is determined to recover capital gain tax (CGT) on the transaction happened while selling and purchasing GSM operator Ncell. TeliaSonera had sold the company to Axiata last year and the Government of Nepal is yet to recover CGT in the sale of the Ncell shares.
KATHMANDU, March 8: The government on Wednesday decided to recover capital gains tax (CGT) from TeliaSonera, the seller of telecommunications company Ncell while other remaining taxes from Axiata, the buyer of Ncell.
KATHMANDU, Aug 15: The government has made profit earned by firms and non-government organizations by selling land and buildings taxable income, requiring them to pay 10 percent as advance tax while transferring ownership.
KATHMANDU, July 15: Reminding that TeliaSonera has not paid capital gains tax (CGT) in Nepal, National Youth Council (NYC) on Tuesday submitted a memorandum to the Swedish government through Honorary Consul General of Sweden in Nepal.
Ncell is the first privately owned GSM operator in Nepal. Re-branded as Ncell from Mero Mobile on March 12, 2010, the company broke the monopoly of the then state-owned telecommunications company, Nepal Telecom, by aggressively expanding telecommunications services across the country. On April 12, 2016, Ncell officially became a part of Axiata Group Berhad -- a Malaysian telecommunications group. However, the transition has not been very smooth for the largest taxpayer in the country. Nevertheless, Ncell is moving ahead under the leadership of Managing Director Simon Perkins. Perkins talked with Republica's Kuvera Chalise, Sujan Dhungana and Santosh Neupane about the not so warm welcome in Nepal and various issues surrounding the company, its expansion and future plans.