PSE To Dispute ₱189-M Tax Deficiency Assessment
The Philippine Stock Exchange intends to dispute a P189.2-million assessment for tax deficiency by the Bureau of Internal Revenue (BIR) for the calendar year 2017.
Photo Insert: “The Company will dispute said assessment and will take appropriate legal action for the cancellation of the assessment,” the PSE said.
The bourse said in a disclosure, the amount includes compromise penalty and interests up to September 30, 2023, and involves alleged deficiencies in various taxes in the calendar year 2017 including income tax, value-added tax (VAT), and expanded withholding tax, among others.
“The Company will dispute said assessment and will take appropriate legal action for the cancellation of the assessment,” the PSE said.
For 2017, PSE’s net income rose 18% to P828.09 million from the P701.54 million earned in 2016. Total operating revenues were slightly lower by 3.0 percent to P1.23 billion. Trading-related income increased by 10.6% to P335.34 million due to an improvement in trading activity and an increase in subscription fees and market data sales.
Listing-related income, on the other hand, was down by 11.4% to P494.95 million. In preparation for its migration to its new headquarters in BGC, PSE sold its Tektite property in 2017, realizing a pre-tax profit of P205.70 million from the transaction. This doubled the Company’s other income to P405.93 million.
Management’s efforts to control expenditures resulted in the PSE showing a negligible increase in total expenses to P592.86 million for the year.