Petron Corp. will reclaim a total of P69.6 million in excise tax following the recent decision of the Court of Tax Appeals granting the oil firm’s petition on erroneous taxation.

In granting the petition, the CTA said the Bureau of Internal Revenue erred in collecting excise tax on alkylates which is not subject to Sec. 148 (e) of the National Internal Revenue Code. The tax court directed the BIR to refund or issue tax certificates in the amount of P34.5 million.

Citing a 2023 decision by the Supreme Court, the tax court also noted that the alkylate is “exclusively intended for use as a raw material or blending component for the production of unleaded premium gasoline.

The post Petron gets tax refund appeared first on 1Bataan.