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NGCP always compliant with franchise tax requirement, House panel told

Philippines | National

NGCP always compliant with franchise tax requirement, House panel told

By Ellson Quismorio

At A Glance

Power grid operator National Grid Corporation of the Philippines (NGCP) has been religiously paying its three percent franchise tax as mandated by law, the Bureau of Internal Revenue (BIR) has told a House panel.

House of Representatives (Ellson Quismorio/ MANILA BULLETIN)

Power grid operator National Grid Corporation of the Philippines (NGCP) has been religiously paying its three percent franchise tax as mandated by law.

This was learned on Tuesday, Jan. 7 during the briefing of the House Committee on Ways and Means with the representatives of the NGCP, Energy Regulatory Commission (ERC), Department of Energy (DOE), and Bureau of Internal Revenue (BIR).

Committee chairman Albay 2nd district Rep. Joey Salceda led the briefing.

During the proceedings, BIR Commisioner Romeo Lumagui Jr. confirmed the NGCP's steady payment of its franchise tax.

Lumagui also assured the public the strict implementation of ERC Resolution No. 10 following the release of BIR Revenue Memorandum Circular 24-2024. This prohibited NGCP from passing the franchise tax to consumers.

"NGCP has been religously paying its franchise tax to BIR," Lumagui said.

ERC Chairperson Monalisa Dimalanta told the Salceda panel that from 2018, the NGCP paid between P1.3 billion to P1.5 billion in franchise tax every year.

Since 2016 to 2022, NGCP paid a total of P21 billion in franchise tax, Dimalanta added.

Related Tags

National Grid Corporation of the Philippines Bureau of Internal Revenue (BIR) franchise tax

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