Officials from Ncell expressed concerns during a discussion with Finance Minister Dr. Swarnim Wagle that the ongoing crackdowns and criminal cases against businesspersons have instilled fear among investors. Ncell has requested the government to review the tax assessment process and the provisions under Section 57 of the Income Tax Act. The company also urged the government to ensure equal treatment for competitive companies regarding frequency allocation and foreign exchange settlement facilities. Kathmandu, 25th Shrawan.
In a meeting between representatives of multinational companies and Finance Minister Dr. Swarnim Wagle, Ncell raised questions about the crackdown on businesspeople. Participating on behalf of Ncell was Chief Corporate and Regulatory Officer Dilliram Shrestha. He informed the finance minister, “The crackdown on businesspersons raises security concerns. We too are victims in this matter. We have learned that our investors have been targeted with crackdowns and criminal cases related to an auction process conducted by a bank and a financial institution.”
Ncell has urged the government to establish a predictable tax system to encourage investment. The company recommended that tax assessments be based solely on tax officers’ recommendations and suggested shortening the tax assessment period from four years to one year. Shrestha stated, “We have proposed to the finance minister that offshore investments should not be deemed illegal under Section 57 of the Income Tax Act, or at least that this provision should be reviewed.”
Though Ncell has been paying a renewal fee of NPR 2 billion for its license, Shrestha reminded that other service providers pay only NPR 300,000. He added, “Even after paying the frequency fee, we have not been allocated any frequency,” he emphasized.
