April 13: Ncell Limited, a leading private telecommunication company of Nepal, has submitted Rs 14.33 billion capital gains tax (CGT) to the government to clear all its dues.

According to the Large Tax Payers’ Office, Ncell submitted the amount on Sunday (April 12). Before this, Ncell had paid Rs 4.6 billion CGT to the office last Tuesday as per its commitment to clear the dues in installments.

Chief of the LTO Jhalak Ram Adhikari informed New Business Age that Ncell has paid Rs 4.5 billion on December 31 as the first installment.

The LTO had last year sought Rs 60.71 billion from Ncell as CGT when the company changed hands some years ago. The LTO said it had only received 21.54 billion from Ncell and demanded Rs 39 billion from the company on April 16 last year.

But the company filed a petition at the Supreme Court on April 22, alleging the LTO of charging excessive tax.

 In the petition, Ncell had argued that the LTO asked it to pay more than Rs 39 billion against the existing laws and previous verdict of the apex court when it is liable to pay only Rs 14.36 billion.

Ncell said it has already paid Rs 21.54 billion as CGT to the Large Taxpayers’ Office in two installments on May 8, 2016 and June 4, 2017. It also paid Rs 2.2 billion as late fee.

The Supreme Court finally put the matter to rest in November last year ruling that Ncell is liable to pay 21.1 billion CGT, which the company cleared with the payment of the last installment on Sunday.