Banks freeze STN accounts

Kathmandu, June 4:

Financial institutions have blocked transactions of Space Time Network and its managing director Jamim Shah.

The move came after the Nepal Rastra Bank directed banks to freeze accounts of the Space Time Network (STN) and its managing director Jamim Shah for evading tax. Deep Basnyat, director-general of the Inland Revenue Department, said today, “Neither any STN official nor Shaha came to the office to pay tax.” Responding to a request of the Tax Office No 1, the central bank had, on Wednesday, issued a circular, directing all financial institutions to freeze accounts of the STN and Shah.

The IRD has also requested the Land Revenue Office to halt any transaction of land and fixed property belonging to the STN and Shah. “We held a series of meetings with Shah and officials of the STN on the issue of tax clearance. We took the action after they did not comply with the IRD directive to clear unpaid taxes,” Basnyat said.