Stories Tagged 'Axiata'
Although Ncell and its parent company, Axiata, have sought international arbitration over the capital gains tax determined by the Nepal government citing Bilateral Investment Treaty between Nepal and the United Kingdom, legal experts doubt success of the mobile company’s move, saying that the treaty does not allow international arbitration on the issue of taxation.
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Ncell and its parent company, Axiata, have knocked the door of International Centre for Settlement of Investment Dispute, a body under the World Bank, claiming that Nepal’s conduct in relation to capital gains tax imposed on the mobile company is against the Bilateral Investment Treaty between Nepal and the United Kingdom
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The Supreme Court on Wednesday issued a mandamus order directing the government to recover the due capital gains tax from Ncell and Axiata.
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Prime Minister KP Sharma Oli said on Friday that the recently accomplished Ncell deal was subject to capital gains tax as per the law of the land.
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Succumbing to steady pressure from various stakeholders, Ncell, a privately owned telecom company, on Sunday filed the tax return and paid 15 out of 25 percent of capital gains tax (CGT) on the behalf of its previous owner TeliaSonera.
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