MANILA The Court of Tax Appeals (CTA) has ordered tax credits amounting to PHP12.7 million in favor of mining firm Lepanto Consolidated Mining Co.
In a 23-page decision dated Sept. 23 released to media Wednesday, CTA's Second Division through Associate Justice Juanito C. CastaAeda Jr. ruled to partially grant the petition of the firm, which is engaged in mining gold and other precious metals.
Associate Justices Cielito N. Mindaro-Grulla and Jean Marie A. Bacorro-Villena concurred.
The firm had initiated the claim for refund, through the issuance of tax credit certificate originally in the amount of PHP14.9 million, representing un-utilized input value-added tax (VAT) attributable to zero-rated sales for taxable year 2015.
The firm claimed it incurred the input VAT for the export of 100 percent of its total sales of gold and silver to Heraeus, Ltd. a corporation based in Hong Kong. (PNA)
Source: Philippines News Agency