Saturday 20 October
Powered by Ajaxy
Oct 24, 2017 @ 9:46

Lapeña to end under-the-table grant of TCCs to end source of ‘pasalubong’ for BOC higher-ups


Bureau of Customs (BOC) Commissioner Isidro Lapeña said that tax credit certificates (TCCs) will be publicly awarded for transparency.

“For the sake of transparency, I will personally award the TCCs publicly, to inform everyone that there is no monetary consideration behind and it is being released to its rightful claimants,” Lapeña said in a statement Monday.

Lapeña as responding to a BOC bribery issue raised in a recent Senate hearing wherein the release of TCCs were normally negotiated to fund “pasalubong” or welcome gifts to new commissioners.

He said a concerned BOC employee claimed that a certain percentage of the TCCs goes to the pasalubong, “while some are being used as a bait to delay clearance of shipments and to compel big companies to give bribes.”

“There will be no more withholding of tax certificates to prevent avenue for corruption and to give back what is due to the transacting stakeholders: there’s no need for undue delays,” the BOC chief said.

“There’s no need to give bribes or grease money to facilitate your shipments because that is our job,” he added.

TCCs are documents issued by the BOC and Department of Finance to refund taxes paid by big companies for cases of excess duties, canceled importation, or due to VAT input, or output tax.

Lapena will be talking to stakeholders whose TCCs were put on hold.

On the other hand, Lapeña awarded tax credits to two companies amounting to over P5 million.

The certificates of tax refund were awarded to SL Aboitiz Power and AP Renewables Inc. the tax credits amounting to P35,595 and P5,296,093, respectively covering January to June 2015.

The awarding of TCCs is pursuant to Section 112 of the National Internal Revenue Code of 1997. (PNA)

Please follow and like us:

Tags: , , , , , , , , , , , ,

Related Stories
A three-year downturn in Dubai's property market will likely continue until at least 2020, Standard
The Senate version of the TRAIN (Tax Reform Acceleration and Inclusion) bill does not only
The Joint Foreign Chambers of the Philippines (JFC) is batting to maintain the status quo
DAVAO CITY—The Duterte administration plans to reduce individual and corporate tax rates and at the


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.