MOA for IPPs’ tax payments
LINGAYEN—A memorandum of agreement was signed on Friday by Governor Amado Espino Jr. with representatives of two Independent Power Producers (IPPs) operating in Pangasinan regarding their tax payments due the province.
Espino signed the MOA with officials of the Sual Power Corporation (SPC) and San Roque Power Corporation (SRPC) concerning the tax obligations of the two IPPs for the period January 1, 2008 to December 31, 2008.
The agreement states that SRPC and SPC shall release to the provincial government within 10 days from receipt of a resolution concerning a case they filed before the Central Board of Assessment Appeals (CBAA) the amount of P11, 142,693.20 and P71, 325,116.00, respectively representing conditional payment of Real Property Tax (RPT).
The pending case revolves around the issue on the taxability of the machineries of the SPC and SRPC and the latter’s dam facilities.
The MOA states that conditional payments made by the two IPPs pending resolution of the case before the CBAA shall be credited or set-off in payment of any taxes in the event that the court rules that machineries and facilities of both corporations are non-taxable.
The MOA was signed by SRPC president Ryukichi Kawaguchi, Sual Power Corp. president Federico Puno, SRPC vice pres. Tommy Valdez, Mayor Rodney Arcinue of Sual, Barangay chairman Dionisio Caburao of Pangascasan, Sual and provincial administrator Rafael F. Baraan.- LM
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