Mighty has total tax liabilities of P37.88 billion, but offered to pay P25 billion in a proposed settlement deal. Dominguez said that would also entail value added tax of P5 billion, which would raise the total amount of potential revenue for the government to P30 billion. “If we accept the total tax settlement, it will mean a total take for us of roughly P30 billion, including VAT,” he added. Three tax cases filed by the BIR against Mighty are pending before the Department of Justice. Initial paymentLast week, the Finance department accepted Mighty’s initial settlement of P3.44 billion for its tax liabilities, but stressed that such acceptance does not necessarily mean it was agreeing to the company’s total settlement offer.

Source: Manila Times July 23, 2017 17:03 UTC