SC orders gov’t to issue tax credits to Mercury Drug By Benjamin B. Pulta 07/31/2011

SC orders gov’t to issue tax credits to Mercury Drug

By Benjamin B. Pulta 07/31/2011

The Supreme Court (SC) has ordered the government to issue tax credits to Mercury Drug Corp. arising from a claim filed by the pharmaceutical retailer over the interpretation of a law granting discount privileges to senior citizens.

In its decision, the high court’s Second Division through Associate Justice Jose Perez ruled to grant the petition filed by the firm.

“The assailed Decision and Resolution of the Court of Appeals are reversed and set aside. Respondent Commissioner of Internal Revenue is ordered to issue tax credit certificates in favor of petitioner (Mercury) in the amounts of P2,289,381.71 and P22,237,650.34,” the decision said.

Associate Justices Antonio Carpio, Teresita Leonardo de Castro, Arturo Brion and Diosdado Peralta concurred with the ruling..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/metro/20110731met1.html