Supreme Court clears the deck for tax authority to recover unpaid taxes from controversial businessman Sumargi
Kathmandu, June 24 -- The Supreme Court on Sunday paved the way for the tax authority to collect unpaid capital gains tax from controversial businessman Ajeya Raj Sumargi for selling 75 percent of his shares in Nepal Satellite Telecom seven years ago.
The tax authority has determined tax liability of Rs4.31 billion for Sumargi after he failed to pay capital gains tax when he sold the shares to Cyprus-based Airbell Service, which was later purchased by Teliasonera, the previous owner of Ncell-the private sector telecom giant in Nepal.
By refusing to pay the tax, Nepal Satellite Telecom had moved the apex court on May 15. A single bench of Justice Bam Kumar Shrestha on May 22 had issued an interim order preventing the tax authority from r...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.