Axiata’s Ncell settles US$185m demanded by Nepal’s tax authority

“Ncell’s payment of the total amount was made under protest and expressly without prejudice to Ncell and Axiata UK's position in the international arbitration proceedings commenced by Ncell and Axiata UK against the Federal Democratic Republic of Nepal, ” it said.

KUALA LUMPUR: Axiata Group Bhd’s indirect 80%-owned Nepalese subsidiary Ncell has settled the demand amount of 22.44bil rupees (US$185mil) sought by the Large Taxpayers Office (LTPO) of Nepal.

It also paid an additional sum of 990.25mil rupees (US$8.06m) as interest, the telco announced to Bursa Malaysia on Monday.