COA disallows another P153.13M worth of tax credits

Another P153.13 million in tax credit certificates (TCCs) earlier issued by an arm of the Department of Finance (DOF) through a scam involving unqualified—and some even nonexistent—garments and textile companies have been disallowed by the Commission on Audit (COA) as part of the crackdown on illegal tax perks given away over a decade ago.

In a statement on Friday, the DOF said the COA last month wrote Finance Secretary Carlos Dominguez III to tell him that the agency had issued new notices of disallowance to the TCCs obtained by Capital-Roll Knit Corp., Primeknit Manufacturing Corp., Tai-Cheng Integrated Resource Inc. and Uni-Glory’s Knitting Corp.

As of October, the COA issue…

Keep on reading: COA disallows another P153.13M worth of tax credits

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