Kathmandu. Bottlers Nepal (Tarai), the manufacturer of coca-cola, has paid more than Rs 780 million in taxes to the government.
Bottlers Nepal Tarai Limited has paid Rs 786.68 million as capital gains tax to the government.
Bottlers Nepal has taken advantage of the provision of tax exemption in Section 30 of the Finance Bill 2082.
Based on the change in the share ownership of Bottlers Nepal Tarai Limited, the Department of Revenue had fixed a huge tax liability. Last fiscal year 2081. The Department of Revenue had fixed a tax liability of more than Rs 2.5 billion for bottlers Nepal Tarai Limited up to Rs 82.
The Government of Nepal had launched an investigation after journalist Gajendra Budhathoki made public the facts through Taksar magazine alleging that capital tax was evaded due to frequent purchase and sale of shares of Coca-Cola’s bottling plant operator company in Nepal.
A case of tax evasion filed by the Department of Revenue Investigation in the Patan High Court on charges of tax evasion pursuant to Section 57 of the Income Tax Act in the 2014 share buying and selling process is pending since 2002.
Bottlers Nepal has filed a review petition in the Supreme Court against the capital gains tax of Rs 5.5 billion fixed by the Large Taxpayers’ Office.
Finance Minister Bishnu Poudel has made provisions through Section 30 of the Finance Bill to provide interest and fee exemption to bottlers Nepal, who have filed a case in the court without paying taxes of about Rs 8 billion to the government.
