THE National Grid Corporation of the Philippines (NGCP) has taken exemption to being included in a “Tax Watch” print ad of the Department of Finance (DOF).

NGCP, a privately-owned transmission company with a 25-year concession and 50-year  franchise to operate the country’s power grid, clarified that while it is exempt from income tax payments as provided by the law, it dutifully pays its franchise taxes to the government.

The print ad indicates that only 39 of the top 100 corporations ranked by the Securities and Exchange Commission (SEC) landed on the Bureau of Internal Revenue’s (BIR) list of  500 top corporate/non-individual taxpayers.

NGCP ranked 25^th in SEC’s list, which was based on revenues, but was not in the BIR list, which was based  on income tax returns.

“NGCP dutifully pays any and all taxes due from it to the government,” NGCP Spokesperson Atty. Cynthia D. Perez-Alabanza emphasized.

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