Upon verification, it was confirmed that SMC APP has registered over 1.5 million employees in Nepal. The Joint Tax Regulatory Authority requires the company to complete personal income tax certification for all employees to verify that each work account is operated by a genuine taxpayer. During this process, relevant regulatory bodies have temporarily frozen the company’s funds pending tax verification.

As of November 12, more than 1 million employees have successfully completed their personal tax certification and payment procedures. However, as some members have not yet completed tax submission due to insufficient preparation time or financial constraints, Nasdaq and the Joint Tax Authority have, upon the company’s request, officially approved an extension of the tax certification deadline to November 14, 2025, at 10:00 a.m.

SMC stated that the purpose of this extension is to allow more employees adequate time to complete their tax declaration, ensure data authenticity and compliance, and lay a solid foundation for the company to resume withdrawals and resubmit listing documents.

The company also confirmed that all employees’ personal tax payments will be collected and remitted by SMC APP to the Joint Taxation System. Once the verification process is completed, the banks will gradually unfreeze the frozen funds, and employee salary withdrawals will resume within 0–72 hours.

SMC reiterated:
“This extension is not a business issue but a necessary adjustment in the listing compliance process. Only when every employee’s tax certification is completed can the company’s overall listing and fund release proceed smoothly.”

SMC reaffirms its commitment to transparency and lawful operation, pledging to fully cooperate with both international and local regulatory authorities to safeguard all employees’ legitimate earnings and jointly embrace the crucial final stage before SMC’s public listing.