The Court of Tax Appeals (CTA) granted a partial refund of PHP92.058 million to the local arm of an international gold and copper mining firm, Oceanagold Philippines Inc.
Associate Justice Marian Ivy Reyes-Fajardo penned a 37-page decision partially approving the petition of the mining firm for a refund of excess value-added tax (VAT) paid during 2017.
On March 29, 2019, the company initially requested a refund from the Bureau of Internal Revenue (BIR) VAT Credit Audit Division for PHP98,075,861 million. However, the BIR rejected the administrative claim in June of the same year due to insufficient evidence, which prompted the company to bring the matter to the CTA.
The CTA acknowledged that the company had “partially complied with the requisites under the law for the refund or issuance of tax credit certificate of input VAT.”
