Big winner: Philex Mining receives P142M tax refunds from Lapeña
This gold miner is a big winner for reforms installed by the new Customs chief.
Philex Mining Corp. received tax credit certificates worth P142 million over the last two months, representing refunds for excess duties and cancelled importations from the Bureau of Customs.
This accounts for over half the P223.7 million which Customs Commissioner Isidro Lapeña publicly handed out since November, as he sought to do away with the “pasalubong” culture said to be perpetuated by the old tax credit process.
Other companies which received tax refunds from the agency include:
CL Metals & Wire MFG Corp – P583,360.00
Ponderosa Leather Goods Company, Inc. – P831,044.79
Nachi Pilipinas Industries Inc – P3,486,121.27
Philippine Mining Service Corp. – P9,494,811.95
Hedcor, Inc. – P11, 253,782.00
AP Renewables, Inc. – P5,296,093.00
SN Aboitiz Power, Benguet Inc. – P1,199,411.00
Prime Fruits International, Inc. – P4,124,211.02
Pilipinas Kyohritsu, Inc. – P1,249,723.00
San Roque Power Corporation – P118,493.83
Energy Development Corporation – P23,904,367.00
Green Core Geothermal, Inc. – P3,211,974.00
CP Kelco Philippines, Inc. – P16,563,207.00
What a happy time for these importers!