Filsyn Corp. (PSE:FYN) said it received a final assessment notice from the Bureau of Internal Revenue (BIR) for deficiency in taxes totaling 280.4 million Philippine pesos for the calendar year 2022.
This includes final withholding tax, final withholding value added tax, documentary stamp tax, and compromise penalties, according to a Tuesday Philippine bourse filing.
This assessment pertains to the company's recent equity restructuring, which involved converting an outstanding loan of 1.42 billion pesos into equity in exchange for preferred shares subscribed by Malaysia Garment Manufacturers.
The bureau alleges that this conversion led to a constructive receipt of income for Malaysia Garment, thus triggering tax liabilities.
The company, however, plans to contest assessment by Oct.25, it noted.
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