Kathmandu. Millions of rupees have been evaded in the stock market. The 63rd annual report of the Auditor General has revealed that four people have evaded tax worth billions of rupees.

According to the Auditor General, Section 95 A (2B) of the Income Tax Act, 2058 BS provides that 5 percent and 7.5 percent tax should be levied on the basis of the period in the case of the profit received from the interest of the entity listed with the Securities Board of Nepal and 10 percent on the profit of a natural person in the case of an unlisted entity.

The paid up capital of a taxpayer under the Large Taxpayers’ Office is Rs 3 billion. The company has a reserve fund of Rs 903.847 crore and a net worth per share of Rs 130.13. In the fiscal year 2080/81, 3 shareholders had sold 13.526 crore units of shares worth Rs 1.35 billion to 10 people, but they did not pay capital gains tax.

On the basis of net worth, capital gains of Rs 40,75,38,000 will be 10 percent of which will be Rs 40,07,54,000 and interest and fees will also be investigated and tax should be assessed.

The shareholders sold 1,620,000 units of shares at a price of Rs 336.36 per share for Rs 54.49 crore.

Based on the reserve of Rs 1,01,31,70,000, the net worth per share is Rs 400.18 and the company will have a capital gain of Rs 486.22,92,000 on the basis of net worth.

On the basis of net worth, only Rs 3.83 crore has been paid as profit tax of Rs 48.629 million, which is 10 percent, and the tax has been determined by investigating the interest and fees.