Ayalas win tax refund
Ayala-led Corullon Holdings has reportedly won its case against the Makati City government over taxes collected in 2013.
According to Philiippine Star columnist Vic Agustin, the Court of Tax Appeals has ruled that the dividend income of Corullon is not suject to local business tax.
As such, the CTA directed the Makati City treasurer to refund P360,000 in LBT to Corrulon.
A holding company should be taxed only on its earnings from management fees, or the fees for services it performed for its subsidiaries.