More tax credit claims disallowed by COA

By besguerra9 days ago

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The Commission on Audit (COA) has disallowed a total of almost P1.2 billion in tax credits given to textile and garments manufacturers more than a decade ago after the Department of Finance (DOF) uncovered a scam.

Capital-Roll Knit Corp., Uni-Glorys Knitting Corp., Primeknit Manufacturing Corp., Tai-Cheng Integrated Resource Inc., Miskhu Industrial Corp. and Universal Pacific Knitting Mills Inc. were among the textile firms found to have secured illegal tax credit certificates (TCCs) from the One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS) in the past, the DOF said in a statement on Wednesday. The OSS Center was a unit of the DOF.

As such, the DOF said COAs Special Audits Office issued notices of disallowance to these six textile companies for TCCs worth a total of P818.6 million last year.

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