Successful appeal sees Wells Fargo Philippines set for US$500,000 tax refund

Successful Appeal Sees Wells Fargo Philippines Set for US$500,000 Tax Refund

Wells Fargo Philippines Solutions, the Taguig City-headquartered business process outsourcing (BPO) firm, is on course for a tax refund of PHP24.116m (US$500,000) relating to the excess payment of creditable withholding taxes (CWT) back in 2014, following a ruling by the Court of Tax Appeals (CTA). The excess payment is believed to relate to the sale of assets worth some PHP931.323m to Wells Fargo Enterprises Global Services LLC in the same calendar year.

In 2015, the company claimed excess CWT credits of PHP25m and eventually applied to the Bureau of Internal Revenue (BIR) for a refund. According to Wells Fargo, it was forced to file a petition for review before CTA after the BIR decided not to refund the amount even once the specified documents had been submitted and the agreed requirements had been met. Assenting to the refund, the CTA acknowledged the BPO firm’s prior compliance with all legal requirements relating to a tax refund claim.

Read more here.

Shares