April 10, 2019 | Investopaper
The Supreme Court on Tuesday issued an order to the government to recover 61 billion capital gain tax from Ncell and its parent company Axiata within three months.
Also, the apex court has ordered the government to disallow the company to distribute any sort of dividends and equity transfer until it settles the huge amount of capital gain tax payable within three months period.
Previously, the government brought an end to a yearlong controversy by issuing an order in the name of Ncell and Axiata liable to pay the tax and cleared Sweden based Telesoneria, who sold the company to the Malaysian based Axiata.
THE Large Tax Payers Office (LTO) will again revise the capital gains tax amount that the privately owned telecom giant must pay to the government.