MANILA, Philippines - The Court of Tax Appeals (CTA) has dismissed the Bureau of Internal Revenue’s plea to review a previous decision favoring a P77-million tax refund to Semirara Mining Corp.
“Semirara was furnished by its counsel a copy of the CTA’s en banc decision promulgated on April 23...dismissing the petition for review filed by petitioner, Commissioner of Internal Revenue,” the company said in a disclosure.
On March 28, CTA’s First Division granted Semirara’s claim for a refund or issuance of tax credit certificate worth P77.253 million.
Semirara said the tax refund represents “the erroneously paid final value-added tax withheld by the National Power Corp. (Napocor) and remitted to the BIR in connection with its sales of coal for the period covering July 1, 2006 to Dec. 31, 2006.”
Last month, the CTA affirmed its earlier resolution ordering the BIR to refund Semirara’s tax payment totaling P15.29 million. The refund resulted from the company’s sales of coal in January 2007.
Semirara, a unit of the Consunji family’s listed flagship firm DMCI Holdings Inc., operates a coal mine in Semirara Island in Antique. Coal output is sold to Napocor or exported to countries like China, India, Thailand, Hong Kong, and South Korea.
For the coal business, Semirara expects an output of seven million metric tons this year, the same level as a year ago.
The company, which is also into energy generation through subsidiary SEM Calaca Power Corp., expects its profit to reach a new record-high at nearly P7 billion this year on the back of higher electricity sales. source
“Semirara was furnished by its counsel a copy of the CTA’s en banc decision promulgated on April 23...dismissing the petition for review filed by petitioner, Commissioner of Internal Revenue,” the company said in a disclosure.
On March 28, CTA’s First Division granted Semirara’s claim for a refund or issuance of tax credit certificate worth P77.253 million.
Semirara said the tax refund represents “the erroneously paid final value-added tax withheld by the National Power Corp. (Napocor) and remitted to the BIR in connection with its sales of coal for the period covering July 1, 2006 to Dec. 31, 2006.”
Last month, the CTA affirmed its earlier resolution ordering the BIR to refund Semirara’s tax payment totaling P15.29 million. The refund resulted from the company’s sales of coal in January 2007.
Semirara, a unit of the Consunji family’s listed flagship firm DMCI Holdings Inc., operates a coal mine in Semirara Island in Antique. Coal output is sold to Napocor or exported to countries like China, India, Thailand, Hong Kong, and South Korea.
For the coal business, Semirara expects an output of seven million metric tons this year, the same level as a year ago.
The company, which is also into energy generation through subsidiary SEM Calaca Power Corp., expects its profit to reach a new record-high at nearly P7 billion this year on the back of higher electricity sales. source
No comments:
Post a Comment