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BIR to refund PHP 1.67 Billion to SMC unit

21 Jan

BY F. YAP SECURITIES / 2TRADEASIA

San Miguel Corporation (SMC) unit, San Miguel Brewery (SMB), was sided by the Court of Tax Appeals (CTA), after ordering the Bureau of Internal Revenue (BIR) to refund PHP 1.67 billion to SMB, representing overpaid excise taxes for 2007, 2008 & 2011.

CTA said BIR erroneously & excessively levied SMB for San Miguel Light product.

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San Miguel Light has originally been classified as a new brand and should have been subject to lower excise tax rates.

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Posted by on January 21, 2015 in Corporate News, SMC, Stock Market

 

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