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National Hydro to Pay TDS

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National Hydro to Pay TDS
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May 11: National Hydropower Company is preparing to pay remaining amount of Tax Deducted at Source (TDS) very soon. “Request has been sent to Internal Revenue Department for tax revaluation. After final decision, TDS will be paid,” says Prakash Rajaure, Managing Director of National Hydropower. Revenue Department had warned to impede company’s operation after taxes outstanding were seen from FY 2065/66 to 2068/69.

According to Rajaure, while requesting for tax revaluation earlier, collateral of Rs 10 million has already been kept. Therefore, in final report company expects reduction of Rs 10 million tax liabilities in total liabilities. In such circumstances, company expects tax reduction of Rs 20 million, thus, the remaining Rs 20 million taxes payable will be paid in instalments. Meanwhile, Rajaure clarifies that the loan amount of Rs 160 million taken from Nabil Bank has already been paid.

Likewise, Rajaure explains of not having any problem in repayment of loan taken to construct Lower Indrawati Hydropower Project by subsidiary company Sunkoshi Hydro. According to him, loan amount of Rs 200 million have been taken for construction of Indrawati Hydropower in guarantee of National Hydropower. He clarifies that the project do not have any trouble repaying the loan as it has Rs 470 million worth of assets including constructed infrastructure.

“Even if the registration of the company is cancelled, assets belong to us. New investor will have to pay for the assets. If we get the chance to build the project, we will repay the loan by income generated through electricity sales,” says Rajaure. The company informs of constructing other projects under investment of National Hydro. 

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