Nepal Supreme Court Begins Hearings on Ncell
The full bench of the Supreme Court of Nepal has started a hearing on a case filed against telecommunication service provider Ncell over the capital gains tax involved in its buyout by Axiata in 2016.
Ncell and Axiata have been accused of not paying the required capital gains tax after the share majority purchase from TeliaSonera, a telecommunications service provider in Europe and from Visor (via SEA Telecom Investments BV). In 2016 it was the biggest corporate deal that had ever happened in Nepal’s history, therefore there has been much scrutiny over the missed tax. The bench has ordered the government to submit all files related to the buyout to the court.
Written by: Benjamin J. Loecken