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Wednesday, June 08, 2005
Power firm asked to pay P54M taxes to Benguet
By Jane Cadalig
THE Provincial Board (PB) of Benguet is asking the National Power Corporation (Napocor), through the Power Sector Assets and Liabilities Management (Psalm), to pay its franchise taxes to the Provincial Government.
The PB, in a resolution, claimed that the Napocor owes Benguet P54,076,102.87, including surcharges and interests, derived from the operations of the Binga Hydro Electric Plant and from the energy sales purchased from the Hydro Electric Corporation, Northern Mini Hydro Corporation (NMHC) and Bakun AC unit 1 and 2 of the Luzon Hydro Corporation.
Board Member Juan Nazarro Jr. said there is a need for the province to collect the amount, before the properties of the Napocor are sold to private entities by July this year.
The principal amount due the province, Nazarro said, is P28,783,010.32 while the accumulated surcharges and interests amount to P7,195,752.58 and P18,097,339.97, respectively.
The franchise taxes from the operations of Binga and Luzon Hydro cover the fourth quarters of 2002-2004, while taxes from the energy sales purchased from Hedcor and NMHC include the last quarters of 1995-2004.
The board member added that several demand letters were already sent to the Napocor but these were not taken into account.
"It is but proper to collect this unpaid amount to protect the interest of the province," Nazarro said.
The PB also tasked Provincial Treasurer Mauricio Ambanloc to initiate administrative remedies should the Napocor and Psalm still refuse to pay the tax due, a month after the expected receipt of the resolution.
(June 8, 2005 issue)
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