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The Nepalese National Telecommunications Authority (NTA) could block Axiata’s exit from Nepal for not notifying the regulator of the sale of its unit Ncell, as the Malaysian operator opted to exit the market due to a tax dispute with the government. ....
PETALING JAYA: Following the announcement that Axiata Group Bhd has sold its stake in Ncell Axiata Bhd by disposing of its shares in Reynolds Holdings Ltd, and has exited Nepal, analysts are upbeat on what this may mean for the company. ....
KATHMANDU, Dec 4: Axiata has carried out opaque transactions while selling the 80 percent stake it owned in Ncell. The shares were sold at a low price with the aim of evading taxes without informing the regulatory authorities of Nepal. Stakeholders have said that there was an attempt to evade capital gains tax in the purchase and sale of Ncell in 2016, and even now they are trying to evade revenue by buying and selling shares in an opaque manner. ....