In 2015, the Ncell Tax Dispute gained prominence as profits from a major share purchase in Nepal weren't taxed. This prompted calls for audits, legal action, and recovery of taxes. Ncell, a telecom company, was acquired through a complex deal involving Reynolds Holdings in a tax-favorable jurisdiction. Assessments and disputes arose over owed taxes. The Supreme Court ruled Ncell liable for more taxes. Axiata and Ncell also initiated an arbitration process based on a bilateral treaty, claiming Nepal violated it by imposing taxes. The tribunal's decision favored Nepal, rejecting claims of unfair treatment and breaches. The case highlights issues of tax planning, legitimacy, and investment climate.