5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Stock

CTA orders P109-M refund for OceanaGold

by
December 8, 2024
in Stock
0
CTA orders P109-M refund for OceanaGold
OCEANAGOLD.COM

THE COURT of Tax Appeals (CTA) has partially granted a refund to OceanaGold Philippines, Inc., amounting to over P109 million, covering the four taxable quarters of 2019 and representing the portion of the company’s valid input value-added tax (VAT) linked to its substantiated zero-rated sales.

The tax court’s first division, through a ruling published on Nov. 29, ordered the Bureau of Internal Revenue (BIR) to refund P109,643,347.55 to the mining company, which originally sought P133,671,461.36.

OceanaGold argued that the P133 million was the total amount of excess and unutilized input VAT it had accumulated from its purchases of goods and services attributable to zero-rated sales for the first to fourth quarters of 2019.

The BIR initially refused to accept OceanaGold’s claim, arguing that the company had outstanding tax liabilities.

The Court ruled that this was not a valid reason to deny the claim because the outstanding tax liability was still being disputed in court and had not yet become a delinquent account.

“When the claim for refund has a clear legal basis and is sufficiently supported by evidence, as in the present case, then the Court shall not hesitate to grant the refund,” Associate Justice Jean Marie E. Bacorro-Villena penned in a 43-page ruling.

It also found that OceanaGold had properly substantiated its claim for input VAT with the required documentation.

However, the court only recognized P6,608,397,449.29 of OceanaGold’s declared zero-rated sales due to issues with supporting documentation for some of its sales.

The remaining sales lacked sufficient documentation to prove that the goods were shipped to foreign countries and paid for in acceptable foreign currency.

The company is a VAT-registered entity engaged in the sale of minerals, which are zero-rated under Philippine tax law.

In partially granting the refund, the tax court said OceanaGold had timely filed both its administrative and judicial claims.

The company filed its administrative claim with the BIR on May 11, 2021, and its judicial claim with the CTA on May 31, 2021. This was within the two-year statutory deadline for filing such claims.

Presiding Justice Roman G. Del Rosario issued a dissenting opinion, arguing that OceanaGold’s claim should have been denied entirely because the company failed to comply with the invoicing requirements for zero-rated sales.

Mr. Del Rosario said that all of OceanaGold’s invoices lacked the required phrase “zero-rated sale,” making them ineligible for a refund. — Chloe Mari A. Hufana

Previous Post

HMPH completes donation of 4 H-100s to DSWD

Next Post

The urgency of investing in proper nutrition in the ‘First 1,000 days’

Next Post
The urgency of investing in proper nutrition in the ‘First 1,000 days’

The urgency of investing in proper nutrition in the ‘First 1,000 days’

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    Hived raises $42m to roll out electric delivery fleet across southern England

    Hived raises $42m to roll out electric delivery fleet across southern England

    July 5, 2025
    Tesla sees UK sales rebound in June as EV market accelerates

    Tesla sees UK sales rebound in June as EV market accelerates

    July 5, 2025
    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    July 5, 2025
    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    July 5, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.