Saturday, July 16, 2011

GMA Network Faces Unpaid Taxes Case?

GMA Network Inc. has denied allegations that it has unpaid taxes with the Quezon City government.

This is in response to Malaya's (Business Insight) report that GMA Network owed P823 million in overdue taxes and associated penalties for the past four years.

These unpaid taxes, according to the broadsheet, represents "business tax deficiency/delinquency including surcharges and penalties for the period of 2006 to 2010."

In a statement to the Philippine Stock Exchange on Thursday, Ayahl Ari Augusto P. Chio, Vice President for Investor Relations and Compliance, said the company "has diligently paid the local franchise tax since the enactment of the Quezon City Revenue Code."

Chio also added that the company has yet to get a response from the City Treasurer's Office on its request for the basis of the assessment.

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