C04660-2018 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Stocks | 87,318,270 |
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Subject of the Disclosure |
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Grand Plaza Hotel Corporation- Dismissal by the Court of Tax Appeals of Court of Tax Appeals Case No. 8992 (Grand Plaza Hotel Corporation vs. Commissioner of Internal Revenue |
Background/Description of the Disclosure |
Please be informed that today, July 6, 2018 Grand Plaza has received the decision rendered by the Court of Tax Appeals in CTA Case No. 8992 dismissing the Petition for Review filed by the Corporation which prayed that the tax deficiency assessment in the amount of P508,101,387.12 for fiscal year 2008 be declared null and void and be cancelled in toto. |
Name of the court or agency in which the proceedings are pending | Court of Tax Appeals |
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Date Instituted | Feb 20, 2015 |
Docket Number | 8992 |
Principal Parties |
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Grand Plaza Hotel Corporation and Bureau of Internal Revenue |
Nature and description of the legal proceedings |
The Corporation filed the Petition on February 20, 2015 with the CTA to invalidate the collection proceedings of the Bureau of Internal Revenue. The Petition is based on the Corporation's position, as advised by its tax counsel, that the collection proceedings initiated by the Commissioner of Internal Revenue is void because the assessments did not comply with the requirements under the law, and lacked factual and legal basis. |
The effect(s) on the Issuer's business or operations, if any |
n/a |
Other Relevant Information |
This is an update to the corporation's disclosure on June 10, 2016 |
Name | Kit Sung Yam |
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Designation | General Manager |