FINWIRES · TerminalLIVE
FINWIRES

Semirara Mining Retains Tax-Exempt Status on Fuel Imports, Supreme Court Rules

By

Semirara Mining and Power's (PSE:SCC) tax-exempt status on fuel imports has been upheld by the Supreme Court of the Philippines, according to a decision issued on Jan. 20 and released last week.

Under the ruling, the government has been mandated to refund 27.3 million Philippine pesos collected as value-added tax to the company.

The high court's Third Division upheld an earlier Court of Tax Appeals ruling in favor of the mining company after rejecting a petition filed by the Internal Revenue commissioner.

The Local Government Code is limited to local government taxation and does not extend to national internal revenue taxes, Associate Justice Maria Filomena D. Singh wrote in the ruling.

Related Articles

Asia

Tata Motors Passenger Vehicles' Total Sales Rise 42% in May

Tata Motors Passenger Vehicles' (NSE:TMPV, BOM:500570) total sales rose 42% to 59,790 units in May, against 42,040 units sold a year ago, according to a Monday filing to the Indian bourses.Total domestic sales in May also grew 42% to 59,090 units from 41,557 units a year earlier, the filing said.Of the total, electric vehicle sales jumped 85% year-on-year to 10,517 units from 5,685 units.

BOM:500570NSE:TMPV
Asia

Dian Tou Energy Acquires Baiyinhua Coal & Power for 11.1 Billion Yuan; Shares Down 4%

Inner Mongolia Dian Tou Energy (SHE:002128) fully acquired Baiyinhua Coal & Power for 11.1 billion yuan, according to a Tuesday disclosure on the Shenzhen bourse.The acquisition was made through share placement and capital injection.The company raised 4.50 billion yuan as part of the acquisition funds.The Chinese coal products maker's shares dropped 4% during the morning trade.

SHE:002128
Asia

Formosa Pharmaceuticals Gets Taiwan's Health Ministry for Pain Relief Drug; Shares Rise 3%

Formosa Pharmaceuticals (TPE:6838) received approval from Taiwan's Ministry of Health and Welfare for a drug to treat inflammation and pain following ocular surgery, according to a Monday Taiwan Exchange filing.Shares gained about 3% in Tuesday's late morning trade.The drug dubbed APP13007, is marketed as BYQLOVI Ophthalmic Suspension 0.05%.Financial details and accumulated development costs were not disclosed.

TPE:6838