C04627-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
COMMON STOCK P10 PAR VALUE | 10,296,601 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
---|
Disclosure on the filing of a Motion to Suspend Collection of Taxes with the Court of Tax Appeals |
Background/Description of the Disclosure |
On 13 June 2023, Chemical Industries of the Philippines, Inc. ("CIP") filed a Motion to Suspend Collection of Taxes with the Court of Tax Appeals against the Commissioner of Internal Revenue. |
Name of the court or agency in which the proceedings are pending | Court of Tax Appeals |
---|---|
Date Instituted | Sep 8, 2022 |
Docket Number | CTA Case No. 10979 |
Principal Parties |
---|
Chemical Industries of the Philippines, Inc. (Petitioner) vs. Commissioner of Internal Revenue (Respondent) |
Nature and description of the legal proceedings |
The Motion seeks to suspend the collection of the Final Decision on Disputed Assessment ("FDDA") dated 11 August 2022 of the Commissioner of Internal Revenue (CIR) which denied CIP’s Protest and assessed CIP of deficiency taxes in the aggregate amount of Php 25,352,699.33, inclusive of interest, surcharge, and penalties for the taxable year ending 2013 (the "Subject Assessment"), and setting aside or recalling any garnishments, distraints, or levies already effected by the Bureau of Internal Revenue, Commissioner of Internal Revenue, members of the Revenue Region Collection Division or any of their agents, and third parties, such as banks, and direct them to desist from collecting or proceeding with any efforts to collect against the Subject Assessment and respect and maintain the status quo pending the resolution of the Petition for Review before the Court of Tax Appeals (CTA). |
The effect(s) on the Issuer's business or operations, if any |
The premature service on CIP of a Warrant of Distraint and/or Levy dated 24 May 2023 (“WDL”) seeking to collect the Subject Assessment will jeopardize the interest of CIP as there is no final and executory assessment, in violation of CIP's right to due process. |
Other Relevant Information |
This amendment is being made to disclose the the filing of a Motion to Suspend Collection of Taxes with the Court of Tax Appeals. |
Name | Nancy Ocampo-Omadto |
---|---|
Designation | Compliance Officer |