Axiata's Nepal unit in unusual tax move

Axiata entered the Nepal market with its local partner, Sunivera Capital Ventures Pte Ltd, holding 20% direct local shareholding in Ncell, as required under local law.

KUALA LUMPUR: In unusual move to resolve the capital gains tax in Nepal following Axiata Group Bhd’s purchase of an 80% in Ncell Pvt Ltd, Ncell has stepped forward to deposit the advance tax on behalf of its former owners

Ncell, which is Nepal’s first private mobile operator, said yesterday it had responded to Nepal’s Large Tax Payers Office over the gains which TeliaSonera Norway Nepal Holdings AS (Telia Norway) had made when it sold its shares in Reynolds Holdings Ltd, which owned the stake in Ncell.