MANILA — The Sandiganbayan has dismissed the graft charges against four former Petron Corp. executives accused of defrauding the government of P700.74 million in revenues in connection with a 1990s tax credit scam. It cited the Supreme Court’s rulings clearing the oil firm of tax liabilities arising from the cancellation of the spurious TCCs. These were purchased from 18 garments exporters: Filsyn Corp., Dragon Textile Mills, Inc., Southern Textile Mills, Inc., Fiber Technology Corp., Diamond Knitting Corp., Filstar Textile Industrial Corp., R.S. Textile Mills, Monti Textile Mfg. To facilitate the illicit issuance of TCCs, fraudulent or spurious documents were allegedly submitted to the One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center, established in 1992 to help expedite tax credit claims.

Source: Philippine Daily Inquirer March 20, 2017 06:03 UTC