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Ncell pays Rs.9.97 bn tax

Gorkha Post

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KATHMANDU — Ncell, the biggest private telecom company in Nepal, paid Rs 9.97 billion to the state tax, according to the directive issued by the government to pay pertinent capital gains tax(CGT) on Ncell buyout deal.

The telecom service provider informed about the payment of the tax by organizing a press meet in Kathmandu on Sunday.

“We paid the tax as per the directive of the Large Tax Payers Office (LTPO),” Ncell said in a statement distributed at the press meet.

“We had been directed to calculate and deposit 15 percent of the total gains involved while TeliaSonera Norway Nepal Holdings AS (Telia Norway) sold the shares of the off-shore company Reynolds Holdings Limited,” the statement further added.

Ncell said it has responded positively to the LTO directive and made a deposit of 15 percent of the gains of TeliaSonera rising from the sale of shares of offshore company Reynolds Holding — the 80 percent shareholder of Ncell— to Axiata.

Earlier, the LTO had directed Ncell to deposit 15 per cent of the cover-up tax, or the tax deductible at source for capital gains. Another 10 per cent of the gains made from the transaction must be deposited by TeliaSonera.

“Ncell is one of the largest taxpayers in Nepal, and has consistently complied with the laws of the country. It has also exercised the highest standards of governance and compliance pertaining to the fulfillment of tax obligations,” Ncell said in a statement.

Ncell has been under intense pressure from various stakeholders to pay the Capital Gain Tax (CGT). Nepali Congress lawmaker Gagan Thapa registered a motion of public importance at  the Parliamentary Secretariat demanding Parliament’s instruction in this regard.

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Although TeliaSonera, being a seller is subjected to pay CGT to Nepal government, the LTO has got hold of Ncell as the former has already left the country.

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Economy

NPC urges government to seek clarification from Chinese firm

Gorkha Post

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KATHMANDU — The National Planning Commission (NPC) has urged the government to seek clarification from China Three Gorges International Corporation (CTGC) over the construction of the Paschim (West) Seti Hydro Power Project.

The meeting of the NPC that began on Sunday, made the decision of seeking clarification from the company with a time period of 90 days regarding the construction of 750 MW hydropower project.

The hydropower project, which is expected to be completed in an investment of 1.60 billion rupees, will have 65 percent investments from the CTGC, 25 percent from the National Electricity Authority (NEA) and the 10 percent investments from the locals as share, as per the plans made before.

CTGC can sell off its 14 percent of its total 65 percent share to the Nepali investors. But the CTGC has been showing dissatisfaction over the rate of purchasing the electricity per unit (PPA). Previously it had asked the NEA to review the rate but got a negative response.

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“We have suggested the government to interrogate the company whether it will be able to complete the project or not. What has been the problem to expedite the construction along with the terms and conditions which the company wants to put forward,” NPC Vice President Swarnim Wagle said.

The CGTC, which has been delaying the construction over its dissatisfaction over the PPA, has been threatening to walk out of the construction.

The project, which covers the area of Doti, Dadeldhura, Baitadi, and Bajhang districts of Far Western Development Region of Nepal, can produce 3.33 billion units of electricity on yearly basis, accoridng to the probability study of the project.

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