TeaM Sual Corp., the company that operates the Sual Power Station, will appeal a local court decision ordering the company to pay the provincial government of Pangasinan P178 million in transfer taxes.
“With all due respect to the position of the provincial government—our valued partner in the development of Pangasinan—It is TeaM Sual Corp.’s position that no transfer taxes are due in this particular instance since no transfer of real property was involved,” said Froilan Gregory Romualdez III, head of External Affairs of TeaM Energy.
“We will take all the remedies available including the filing of a Motion for Reconsideration,” he added.
This was after the Regional Trial Court branch 37 had dismissed TeaM Sual’s petition to annul the transfer tax assessment, which the provincial treasurer issued more than five years ago.
“Rest assured, TeaM Sual is a responsible corporate entity that settles its rightful tax obligations in a timely manner,” Romualdez stressed.
TeaM Sual Corp. is a top taxpayer in the region, consistently receiving awards from the BIR the past years.
The Sual Power Plant is the largest coal-fired power plant in the country with a generating capacity of 1,218 megawatts. It began its commercial operations in 1999 under a 25-year build-operate-transfer scheme with the National Power Corp.