DOF to press charges vs officials, others tagged in P11-billion tax credit scam
Jul 20 08:32 PM
MANILA – The Department of Finance (DOF) on Friday said it would press charges against public officials and private individuals involved in an P11-billion tax credit scam. MANILA – The Department of Finance (DOF) on Friday said it would press charges against public officials and private individuals involved in an P11-billion tax credit scam. Charges will be filed against those who benefited from the issuance of more than P11 billion worth of tax credit certificates (TCCs) to “ineligible and non-existent textile companies” between 2008 and 2014, Finance Secretary Carlos Dominguez III said in a press conference. “Expect this department to pursue the appropriate charges against the public officers and private persons who manipulated and unjustly benefited from the tax credit process with the OSS (One-Stop Shop Inter-Agency and Duty Drawback Center),” Dominguez said.Dominguez said he has directed a high-level task force to recover the value of P11.18 billion worth of undue tax credits granted to these firms by the OSS during the said period.The task force was created after the Commission on Audit (COA) on July 6 cited erroneous issuances of 3,231 TCCs by the OSS from 2008 to 2014, where P8.85 billion in tax credits were overstated and supported by bogus documents. Another P2.35 billion in TCCs were granted to claimants with expired fiscal incentives, the DOF said. A copy of the COA report has been turned over to the Board of Investments (BOI) “for appropriate action against the accredited enterprises," Dominguez said.
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