THE Philippine Stock Exchange, Inc. (PSE) has questioned the tax bureau’s assessment of about P189.2 million in deficiency taxes, including a compromise penalty and interests up to Sept. 30, 2023.
In a disclosure on Tuesday, the stock market operator said the assessed value involved alleged deficiencies in various taxes in the calendar year 2017 including income tax, value-added tax, and expanded withholding tax.
“The Company will dispute said assessment and will take appropriate legal action for the cancellation of the assessment,” PSE said.
Based on its submitted information statement, the listed firm derives revenues from listing- and trading-related fees. It charges listing fees for initial public offerings and additional listings, and for annual listing maintenance.
PSE’s trading revenues are mainly comprised of transaction fees, subscription fees, and service fees related to clearing and settlement.
In the first quarter of this year, its net income after tax decreased by 0.5% to P203.16 million from P204.21 million in the same period last year. It attributed the decline mainly to a 2.16% drop in its operating revenues and a 9.3% increase in cost ad expenses.
PSE provides and maintains a convenient and suitable market for the exchange, purchase and sale of securities and other instruments.
On Tuesday, its shares closed unchanged at P164 each.
