KATHMANDU: The Supreme Court has given out its decision that Ncell has to now pay Rs 21.10 billion as capital gains tax on the Ncell buyout deal.

The apex court has directed that the private telecommunications company pay Rs 21,103,971,565 as the capital gains tax, according to the full text of the verdict released today.

An extended bench of justices Tej Bahadur KC, Purushottam Bhandari, Dambar Bahadur Shahi, Sushmalata Mathema and Manoj Kumar Sharma took a decision to this effect and reduced the payable tax amount by Rs 17.96 billion.

On August 26, SC had given a ruling in Ncell’s favour in a case filed by the private telecom against Large Taxpayers’ Office (LTO) for imposing Rs 62.63 billion as applicable capital gains tax on Ncell for its buyout deal.

Earlier, LTO had officially determined Rs 62.63 billion as applicable CGT on the Ncell buyout deal on April 16 and had ordered Ncell to deposit Rs 39.06 billion, as the telecom firm had already deposited Rs 23.57 billion as CGT and late fee.

However, Ncell on April 22, had moved the SC against LTO, claiming that it needed to pay a capital gains tax of only Rs 14.5 billion to LTO, and not Rs 39.06 billion as determined by LTO for the sale of its shares to Axiata Investment UK Ltd.