Review Nepal News

Supreme Court Issues Full Text Of Verdict Ncell and Axiata Companies To Pay Rs 61 Billion Capital Gain Tax

www.reviewnepal.com
  Kathmandu, Nepal      April 09 2019

 

Kathmandu, Nepal, April 9, 2019: Clearing the looming clouds over the issue of capital gains tax labeled against Ncell and Axiata companies, the Supreme Court (SC), the apex court of the country, has on Tuesday issued a full text ordering the defendants to pay the tax within three months after necessary evaluation. 

In the full text, the SC has ordered both the Ncell and Axiata companies to pay capital gains tax amounting to over Rs 61 billion to the Nepal government.  

Likewise, the SC has also mentioned in the full text that the company’s buyout, the sale of shares and distribution of bonus is also halted until the Ncell does so.

Responding to the write petition, the full bench of Chief Justice Cholendra SJB Rana and Justices Meera Khadka, Bishwambar Shrestha, Ananda Mohan Bhattarai and Tanka Moktan had issued a mandamus order in the name of defendants Ncell and Axiata to pay the huge tax the SC had on February 7.