The Commission on Audit said it uncovered another set of illegal tax incentives worth P390.04 million that were granted to textile companies from 2008 to 2014, bringing the total invalidated tax credit certificates received by those firms to P3.41 billion.A report by the COA Special Audits Office to Finance Secretary Carlos Dominguez III dated Nov. 17 said the new set of disallowed TCCs were worth P214.38 million, which were granted to Primeknit Manufacturing Corp. and P175.66 million which were given to Tai-Cheng Integrated Resource Inc.
These were on top of the previous batches of TCCs received by textile firms worth P3.018 billion that the COA invalidaated.
The illegal TCCs were issued between 2008 and 2014 by the One-Stop-Shop Inter-Agency Tax Credit and Duty Drawback Centerthat is attached to the Department of Finance.
Aside from PMC and TICIRI, the other textile firms with invalidated TCCs are Silvertex Weaving Corp., Knitech Manufacturing Inc., Capital-Roll Knit Corp., Uni-Glory’s Knitting Corp., Miskhu Industrial Corp. and Universal Pacific Knitting Mills Inc.