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Toledo Power Company gets P46.8M in tax refund appeal

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THE COURT of Tax Appeals (CTA) ordered the Bureau of Internal Revenue (BIR) to refund the excess input value-added tax (VAT) of Toledo Power Company (TPC) for 2010 in the amount of P46.87 million. In a resolution promulgated on March 15, the CTA special second division amended its decision and partially granted the motion for partial reconsideration of TPC as the company was able to prove the excess input VAT attributable to zero-rated sales of P46.87 million. The CTA in June 2017 allowed the refund of only P3.6 million from TPC’s claim of P63.3 million. “Wherefore, premises considered, the instant Petitions for Review are partially granted. Accordingly, respondent is ordered to refund to petitioner the amount of P46,872,156.51, representing the latter’s excess input VAT for the first to fourth quarters of CY 2010 attributable to its zero-rated sales/receipts,” the CTA ruled. The decision was written by Associate Justice Juanito C. Castañeda and concurred in by Associate Justice Catherine T. Manahan. TPC, a unit of Global Business Power Corp., owns and operates two power plants in Toledo City, Cebu. — Vann Marlo M. Villegas





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