SUSPENDED listed firm Filsyn Corp. said Friday that it would contest a Bureau of Internal Revenue's (BIR) tax deficiency notice amounting to about P280 million.
SUSPENDED listed firm Filsyn Corp. said Friday that it would contest a Bureau of Internal Revenue's tax deficiency notice amounting to about P280 million.The company told the stock exchange that on Sept. 25, 2024, its board received a final assessment notice/formal letter of demand from the BIR for calendar year 2022.The BIR said the company had a tax deficiency of P280.4 million, broken down into P178.
subscribed to some 33.4 million preferred shares of stock of Filsyn as payment for the conversion of an outstanding loan of P1.4 billion.The excess amount was recorded as additional paid-in capital to wipe out its accumulated deficit.'The corporation is of the position that the equity restructuring and deed of assignment are separate events, and both are not subject to income tax, VAT, and DST,' Filsyn said.
To Take 'Legal Steps' To Contest P280-B Tax Deficiency Assessment
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