Ncell Told to Clear CGT within a Week

April 17:

The Large Taxpayers’ Office (LTO) has asked telecommunication giant Ncell to clear its dues within a week. The taxpayers’ office made such demand on Tuesday (April 16) after determining the capital gains tax (CGT) the telecommunication company is liable to pay the government.

According to the Large Taxpayers’ Office, Ncell still owes the government Rs 39.6 billion in CGT. The LTO demanded the company to clear the tax in line with the Supreme Court verdict on April 9, which ordered the government and the concerned authorities to determine the amount Ncell is liable to pay to the government within three months.

According to the government authorities, Ncell was supposed pay a total amount of Rs 60.71 billion as CGT for the sale of 80 percent of Ncell shares by TeliaSonera to Axiata Behard some three years ago. The SC ruled that the transaction had resulted in capital gains of Rs 143.65 billion out of which Rs 60.71 billion was determined as the CGT. Since Ncell has already submitted Rs 21.54 billion to the government, it now owes Rs 39.6 billion, according to the LTO.

The LTO said that Ncell has already received its letter on Tuesday.