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Published April 2, 2021, 1:00 PM
The notices of disallowance (NDs) on the tax credit certificates (TCCs) issued to several textile companies over a decade ago continue to pile up, with the Commission on Audit (COA) having invalidated so far close to P1.2 billion-worth of these illegal tax perks.
The TCCs issued by One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS) between 2008 and 2014 to six textile firms were found illegal by COA, the Department of Finance (DOF) said on Wednesday, March 31.
Last year, the COA-Special Audits Office (COA-SAO) also issued NDs to these six textile companies amounting to a combined P818.6 million.
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