Thursday 18 October 2018
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3 months ago

P11-B tax credit scam at DOF uncovered

The Department of Finance seeks to recover P11.24-billion worth of tax credit certificates (TCCs) issued to unqualified---and some even nonexistent garments and textile companies from 2008 to 2014. In a press conference yesterday, Finance Secretary Carlos G. Dominguez III said a Commission on Audit special audit report issued on July 6 had revealed that 3,288 questionable TCCs amounting to P11.24 billion were issued to 33 garments companies during the seven-year period. These companies, he said, were no

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