Philippine refiner Petron beats government tax case

摘要

Manila-The Philippines government has lost its decade-long battle with Petron Corporation, the country’s largest oil refiner, over tax payments, local media reported August 4. The Philippines Supreme Court has ruled that Petron complied with proper procedures for the transfer and use of its tax credit certificates (TCCs) from 1995 to 1997. The decision reversed a 2007 ruling by the Court of Tax Appeals ordering Petron to pay the Bureau of Internal Revenue the amount after declaring its TCCs null and void.