Court of Tax Appeals denies NDC's P42.6M tax refund

Court of Tax Appeals denies NDC's P42.6M tax refund

The Court of Tax Appeals (CTA) has denied the petition of the National Development Company (NDC) which sought a P42.6 million refund from the Bureau of Internal Revenue (BIR) for alleged erroneously collected value added tax (VAT) from second quarter of 2015 to third quarter of 2016.NDC, a state-owned corporation and one of the government's investment arms, sought a reversal of the Nov. 26, 2020 ruling of the CTA's third division which denied it…