ABS-CBN agrees to pay P152.44-M to government to settle tax case



ABS CBN and BIR logo from Google 



Manila, Philippines - Broadcast network ABS-CBN Corporation has agreed to pay P152.44 million as part of the negotiation agreement approved by the Court of Tax Appeals (CTA) over its tax deficiency case.

According to GMA News, the court said that the Bureau of Internal Revenue has accepted the offer of ABS CBN to pay the total "judicial compromise amount."    


         
"The BIR has accepted the amount equivalent to 40 percent of the basic tax assessed for deficiency income tax, value-added tax and documentary stamp tax and the amount equivalent to 100 percent of the basic tax assessed for deficiency expanded withholding tax, compensation withholding tax, and final withholding tax," the CTA said.

Reportedly, it was ABS-CBN Chief Financial Officer Aldren Cerrado who requested for the compromise.

CTA said the amount the corporation agreed to pay represents its alleged tax deficiency for year 2009.

"After careful scrutiny of the documents submitted by the parties in support of the judicial compromise, the court finds the same in order and in compliance with the established laws, rules and regulations. Hence, the court approves the same," the CTA said.

Associate Justice Juanito Castaneda Jr. penned the decision and as concurred by Associate Justice Cielito Mindaro-Grulla.


Source: GMA News



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