A company involved in producing gold and copper has been ordered by the Court of Tax Appeals (CTA) to pay more than P262.3 million in tax deficiencies, including surcharges and delinquency and deficiency interests.
In a decision issued on Aug. 10, 2023, the CTA’s special first division denied the petition filed by Oceanagold , Inc. which assailed the final decision on disputed assessment issued by the Bureau of Internal Revenue on Oct. 16, 2017.With the denial of the petition, the CTA ordered Oceanagold to pay the BIR P262,386,478.78, inclusive of surcharge, deficiency and delinquency interests imposed under Sections 248 and 249 of the National Internal Revenue Code of 1997.
Manahan.Records showed that the BIR assessed Oceanagold for excise tax covering taxable year 2013 due to the firm’s sale of dore gold and metal concentrates that were subject to two percent ET in line with Section 151 of the 1997 National Internal Revenue Code , as amended, and RMC No. 17-2013.
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