Friday, 26 April 2019

Political Talk with Dr Surendra KC

Posted by Anup Baral | April 26, 2019 :
The Supreme Court today issued temporary stay order against Large Taxpayers Office’s decision to levy Rs 39.06 billion capital gains tax from Ncell Pvt Ltd, a private sector telecommunication service provider.

A single bench of Justice Bam Kumar Shrestha told defendants not to collect CGT from Ncell till May 6 when the SC, after hearing arguments from both parties, will decide whether or not to continue the stay order against LTO’s decision. The apex court also issued show cause notice to the defendants. The SC passed the order in response to a case filed by Ncell on April 22 in which the private sector telecommunication service provider had argued that it owed LTO only Rs 14.5 billion and not Rs 39.06 billion as claimed by the government agency.

LTO decided to collect Rs 39.06 billion from Ncell after the SC decided on February 6 that the liability to pay CGT on Rs 143 billion buyout deal between TeliaSonera and Axiata Investment UK Limited Company rested with Ncell.

The Ncell move came on the last day of the seven-day deadline set by LTO for Ncell to deposit CGT.

The Department of Inland Revenue had initially decided that TeliaSonera needed to pay Rs 60 billion CGT, but once the SC ruled that the CGT liability rested with Ncell, the DRI, after deducting 15 per cent CGT (21.54 billion) paid in advance by Ncell, in addition to Rs 2 billion as late fee, decided that Ncell needed to pay Rs 39.06 billion more. LTO sent a letter to Ncell on April 16 telling it to pay a revised CGT of Rs 39.06 billion.

Ncell argued that LTO had violated due process while reassessing its tax liability, as it did not give Ncell a chance to present its argument as provisioned in the Income Tax Act.

Ncell further argued that LTO had no power to levy tax on Ncell for the period preceding February 6, the day the SC decided that CGT liability rested with Ncell and not TeliaSonera.

Ncell also argued that the SC, in its February 6 decision, did not order Ncell to pay any fees or interests.

Guide of the month: January 2018

Traveling gives us the opportunity to disconnect from our regular life. You get to forget your problems/issues for a few weeks, it can also help you figure things out that you would not have understood without the distance traveling can give you. We all have crazy schedules, work and a family to take care of, going away alone or with some friends can give you distance and perhaps even make you realize how important these people are for you. Like the saying says: we never know what we have until we lose it.

Another great benefit is the relaxation you get to do. It’s nice to live life to its fullest and enjoy a stress free time with yourself. Going on vacation lets us recharge our “batteries” by disconnecting us from our regular life. When we come back we feel invigorated and we are happy to be back in our day to day routine. It’s a very good stress remover that has a lot more to give than most people are willing to accept.

Traveling increases our knowledge and widens our perspective. To view new customs, different ways of living is fantastic for the mind. It gives us a new perspective about life and especially our life, it can help us change some of our habits or even create new ones. When I travel I usually make it a point to try new food, some cultures don’t have fries in their diet and they are all skinny, others use spices to give taste and not oils or fats. Discovering different values and ways to get by in life is really interesting. You also need to visit exotic new places and discover what this wonderful world has to offer.