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.
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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