Liza Reyes, ABS-CBN News, Jan 19 2017
The Supreme Court (SC) has junked with finality the government’s appeal to stop the return of nearly P5 billion in withholding taxes it charged on anti-poverty bonds and pay interest for failure to comply promptly with the court’s earlier ruling.
The high court denied the government’s second motion for reconsideration filed by the Office of the Solicitor General for lack of merit.
It said no further pleadings will be entertained.
In August 2016, the Supreme Court ordered the Bureau of Treasury to pay P4,966,207,796 plus a six percent interest per annum from October 2011.
“It is a strong message that the government should not change rules midway to the prejudice of investors in our country,” said Francis Lim, a lawyer for the banks.
Former President Gloria Arroyo’s administration raised P10.17 billion from the issuance of 10-year Poverty Eradication and Alleviation Certificates (PEACe) bonds in 2001 and sold them at a discount to non-profit group CODE NGO.
The bonds were later resold, mostly to banks and insurance companies.
The bonds attracted investor interest due to representation that it was exempted from the 20 percent final withholding tax.
But the BIR lifted the exemption days before the bonds matured in October 2011.
June 2025
Philippine Environment Month!
“Action for Nature, for the Future!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
Monthly Observances:
1 Jun – World Day of Parents
5 Jun – World Environment Day
7 Jun – World Food Safety Day
8 Jun – World Oceans Day
12 Jun – World Day Against
Child Labour
15 Jun – World Elder Abuse Awareness Day
16 Jun – International Day of Family Remittances
17 Jun – World Day to Combat Desertification and Drought
20 Jun – World Refugee Day
25 Jun – Day of the Seafarer
27 Jun – Micro-, Small and Medium-sized Enterprises Day
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
