The Department of Finance (DoF) has formed a task force to recover a total of P11.18 billion worth of tax credits “erroneously” granted to ineligible and non-existent textile firms from 2008 to 2014.
Citing a Commission on Audit (CoA) report, Finance Secretary Carlos Dominguez 3rd said the One-Stop Shop Inter-Agency and Duty Drawback Center or OSS incorrectly issued 3,231 tax credit certificates (TCCs) contrary to the Omnibus Investments Code of 1987.
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