Stories Tagged 'Capital gains tax'
Inland Revenue Department says Sumargi sold his stake in Nepal Satellite Telecom for Rs 5.63 billion to Cyprus-based Airbell Service, but failed to pay capital gains tax
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The dues are related to a seven-year-old deal in which TeliaSonera bought 75 percent shares from Sumargi’s Nepal Satellite Telecom
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When the Supreme Court on April 9 issued the full text of its February verdict on Ncell capital gains tax issue, it was largely believed that the matter was finally put to rest and that the long-drawn-out debate as to who should clear the tax liability—buyer or seller—had come to an end.
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A day before the expiry of the seven-day deadline to pay its capital gains tax, Ncell, a private telecom giant, on Monday lodged a petition at the Supreme Court, arguing that the Large Taxpayers Office has wrongly determined their tax liability at Rs39.06 billion.
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Two days before the deadline set by Large Taxpayers Office for Ncell to clear its dues expires, the mobile company says it has still not taken a decision on the amount determined by the tax office.
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The Inland Revenue Department and the Department of  Customs, which are responsible for collecting most of the revenues for the federal government, have reported a combined revenue shortfall of Rs67 billion against the target this year.
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