Ncell Axiata, the second largest mobile operator in Nepal, won a favourable ruling from the country’s Supreme Court in its legal challenge to a NPR63 billion ($542 million) capital gains tax bill related to Malaysia-based Axiata acquiring an 80 per cent stake in the Nepali operator in 2016, The Himalayan reported.
The ruling means its total capital gains tax is NPR45 billion, and since Ncell already paid NPR23 billion, it is required to pay an additional NPR22 billion, the newspaper said.
In late April, the operator, with a 42 per cent market share by subscribers, filed a petition with the country’s Supreme Court against the Large Taxpayers Office, which ordered it to pay the fine by 22 April.
The operator claimed the tax authority incorrectly calculated the amount.
Meanwhile, after Ncell paid NPR4 billion, the first annual installment of a NPR20 billion mobile licence fee, the Nepal Telecommunications Authority renewed its licence for five years.Subscribe to our daily newsletter Back