Tomorrow likely to retest 17.0/17.5

Why so afraid of Mlab? Agree it's a pump and dump and please don't equate with Anzo. We know who's behind Anzo but not Mlab. Today Mlab will close green.

TP 1.14 today

TP 1.38

No. TP 1.38 today

It will close green today no matter what

Today will close green

Good morning. Today I think it will close green.

Iwcity has chance to rebound

Gemma: Thanks. Just wondering who's these guys behind mlab...

If they can hold this price, we will see whats next level of price

Will it close 0.170& 0.175?

Will only buy if buyer is 0.175

Up slow but drop fast. So funny

Iwcity not so fast game over

Sharks betul betul ganas

Lol. If I am syndicate I guess I will not same game over.

He only kept quiet.

Sold all at loss. Byebye

Game over

Agree. Lets see evening

My broker confirm got entry of new shareholder

Bursa website. Look at no.2 shareholder.

Lookat the top 30 shareholders. You will spot something

Ambank should have positive news by tomorrow

The real game is still bandar malaysia

Definitely up

Buy!

Tomorrow is the real show. I believe.

Support ekovest! Very good company

Jiayou!

Ok pray for miracle bro!

Whats ur cost?

Be optimistic

Support dolphin

Meaning this stock has potential to climb back

I think tomorrow possible mini rally

Good stock

Target price is by aminvestnent bank

Good morning

It will inch up to 5.30 level

Have faith in Malton

Iwcity may rebound on monday

I think MRCB has very high chance to shoot above 1.40 level

Buy on Monday. Target price 6.30. U can check this week The Edge magazine.

Someone trying to scare investors away from Ekovest. Dont run

Ncell has fully cleared its tax liability: Axiata
Published: July 14, 2017 4:12 am On: Business

HIMALAYAN NEWS SERVICE
KATHMANDU: In relation to decision of Nepal Rastra Bank to restrict Axiata from repatriating its dividend until issue of capital gains tax related to Ncell deal is settled, Malaysian telecom giant Axiata and owner of Ncell on Thursday issued a statement saying the Large Taxpayers’ Office of Nepal has already confirmed that Ncell has fully cleared CGT payment involved in deal.

“The company has not received any official communication or direction from central bank of Nepal or relevant Nepali authorities on this matter.

The Large Taxpayers’ Office (LTO) on June 28 determined that the capital gains tax worth Rs 60.71 billion to be levied on the deal, giving clarity to the government over the tax issue that had been dragging on ever since Swedish company Telia sold its stakes in Ncell to Malaysian company Axiata.

“We have directed the Finance Ministry to immediately recover the remaining Rs37.15 billion from Telia and inform the committee about it,” said Dor Prasad Upadhyay, chairman of the committee.

A House committee meeting on Thursday also directed the ministry to initiate an inquiry on the government officials and the taxmen involved in the Ncell deal. “We have also directed the ministry to submit the details about organisations responsible for determining the tax amount, time frame within which such determination should have been done, officials who were supposed to determine the tax and officials who allowed the share transfer during the deal,” said Upadhyay. “All these institutions and officials should come under investigation.”

Revenue Secretary Shishir Kumar Dhungana, who was present at the meeting, informed the committee that the tax recovery is in the process. “Income Tax Act of Nepal allows the taxpayer time duration of 35 days after the tax assessment to submit the tax or apply for the review. Therefore, we will have to wait for 18 days before recovering the tax amount,” said Dhungana. “If Telia fails to submit tax within that time, we will freeze its bank accounts and recover the amount.”

Tax authorities have stated that Ncell has a reserve of around Rs57 billion in Nepal as of the fiscal year 2015-16 and the company maintains escrow account worth $160 million (Rs16 billion) overseas. “So the authority may recover tax if Telia fails to comply with the government directive.”

In a record deal struck in April 2016, Malaysia’s Axiata bought Reynolds Holding, which held a majority stake in Ncell, from the Swedish-Finnish company Telia at an enterprise value of $1.03 billion (approx Rs103 billion). Reynolds Holding was Telia’s wholly-owned subsidiary, registered at Saint Kitts and Nevis-a tax haven. The tax authority has estimated that Telia is liable to pay Rs35.91 billion in capital gains tax in Nepal, referring to the law that states that 25 percent of the profit made from the buyout deal must be deposited in the form of capital gains tax.

Since Telia failed to deposit the tax amount at the time of sales of the asset, the taxman here holds the right to impose a fine equivalent to 50 percent of the tax amount. On top of this, the taxman can also levy 15 percent interest on the due tax amount. Based on this, Telia will have to pay Rs18.06 billion in fine and around Rs6.73 billion in interest.

With Ncell already paying 15 percent of the tax on behalf of Telia, the company may not have to bear the entire financial burden.

Ncell has so far deposited Rs23.6 billion of which Rs9.97 billion was deposited in May 2016 and the remaining Rs13.6 billion in the first week of June, days after the Commission for Investigation of Abuse of Authority arrested Inland Revenue Department Director General (IRD) Chudamani Sharma on the charge of misappropriating revenues and settling taxes in a questionable manner. Of this amount, Rs2.1 billion covered the fine imposed by the tax office on the company for late payment of tax due.

Buy!!!

News out. Nepal govt ask Telia to pay tax and not Axiata.