• Bank IT service provider pays tax deficiency

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    Sofgen Holdings Ltd. Philippine branch, engaged in providing bank IT services, with offices at Rufino Pacific Tower, Ayala Avenue, Makati City paid P19.6-million in value added tax (VAT) deficiency before the Bureau of Internal Revenue could suspend its operations. The BIR, in its examination of the partnership’s books of account and related accounting records and documents for taxable year 2015, found that Sofgen failed to issue sales receipts in its sales transactions. A notice of compliance was issued against the company which promptly complied and paid its tax deficiency.

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