June 5:  Ncell has concluded its tax matters in relation to the indirect sale by the previous owner TeliaSonera with the Large Tax Payer Office (LTPO). To that effect, Ncell has made a further advance deposit of approximately Rs 13.6 billion, on behalf of TeliaSonera, as directed by the agency.

Issuing a press statement, the company said that the LTPO in its confirmation letter to Ncell on June 4 conclusively certified and acknowledged that Ncell has fully complied with the direction of depositing advance tax pursuant to Section 95A of the Income Tax Act, 2058 (2002) based on the total advance deposit placement by Ncell to date. Moreover, the LTPO mentioned that the company is now fully cleared in relation to the Transaction which attracted capital gains tax under the Income Tax Act, 2058 (2002).

“To date, Ncell remains one largest tax payer in Nepal with over Rs 160 billion paid over the last 13 years (FY 2004/2005 to June 1, 2017). Ncell contributes 3.2% to the GDP of Nepal, its capital and operational investment in 2016 alone amounts to USD 258 million. Through its operations, directly and indirectly, Ncell supports close to 110,000 jobs in Nepal,” reads the statement.