KUALA LUMPUR (May 9): Ncell Pte Ltd, an 80% subsidiary of Axiata Group Bhd, is making a deposit of 15% of the gains of TeliaSonera Norway Nepal Holdings AS (Telia Norway) arising from the sale of shares of Reynolds, by Telia Norway and its related company group.

In a statement today, Ncell said the advance tax was made as an effort of the company's commitment to working in close partnership with the Nepal government. 

 

"Ncell reiterated that the transaction involved the sale of Reynolds shares by Telia Norway, and Ncell had not been involved in the transaction at all, neither has it made any payment or received any payment arising from the transaction," it said the statement, of which Axiata filed to the local exchange. 

 

While claiming it is the largest taxpayer in Nepal has consistently complied with the laws of the country, Ncell pledged to extend its fullest cooperation to the Nepal government in reaching a resolution of prevailing issues with respect to the levy of capital gains tax.

 

"Notwithstanding the fact that the computation and declaration of capital gains tax if any is the responsibility of the seller of shares, the company had proceeded to place a deposit of advance tax on behalf of the previous owners of Reynolds Holdings," it highlighted. 

 

Ncell expressed its commitment to continue to invest aggressively in Nepal's telecommunications infrastructure and ensure the delivery of high quality services to the people of Nepal.

 

"The company is further committed to continue to bring multiple benefits to the lives and livelihoods of its family of valued employees, dealers, distributors, business partners and above all its more than 13 million customers," it added. 

 

Shares in Axiata was traded at RM5.48, one sen or 0.18% lower as at the midday break as compared to last Friday's closing of RM5.49, giving it a market value of RM48.35 billion.