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P10.5 billion worth of TCCs go to Shell, Petron not to exporters By Angie M. Rosales 03/09/2011

Wednesday, March 9, 2011

P10.5 billion worth of TCCs go to Shell, Petron not to exporters

By Angie M. Rosales 03/09/2011

Of the almost P11-billion tax credit certificate (TCC) issued by the government last year to exporters as tax refunds, P10.5 billion ended up in the hands of major oil companies, particularly Pilipinas Shell and Petron Philippines, senators were told yesterday.

At a hearing conducted by the congressional oversight committee on the comprehensive tax reform package (COCCCTRP), lawmakers learned that the P10.92 billion TCCs issued by the Bureau of Customs (BoC) last year virtually wiped out the P9 billion excise taxes paid by the oil companies for their imports in 2010.

“This means that aside from enjoying fat profits from their relentless oil price hikes, oil players effectively save millions more on their import taxes through the use of discounted TCCs,” committee chairman Sen. Ralph Recto noted.

The panel is now eyeing of abolishing TCC and replaced it with outright tax refund scheme, limited only to export industry members..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/nation/20110309nat2.html

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