Pilipinas Shell Petroleum Corporation (Pilipinas Shell) posted a surety bond worth P7.35 billion with the Court of Tax Appeals (CTA) to prevent the Bureau of Customs (BOC) from confiscating their future shipments pending resolution of the tax disputes.
Roberto Kanapi, Shell's vice president for communications said "the interim arrangement between the Government and Shell provided a positive resolution, thus, averting a shortage in oil supply that would have adversely affected the public and the economy."
Shell posted the bond after the Government, through Solicitor General Alberto C. Agra, accepted the company's counter-proposal to post a bond in lieu of cash to secure the claim of the BOC in the event that a final judgment will be rendered against Shell in the tax case.
The acceptance of Pilipinas Shell’s bond offer was the outcome of talks between Pilipinas Shell and the Executive Department to avert an oil shortage crisis due to the BOC’s earlier threat to seize or hold PSPC’s incoming imports. Pilipinas Shell was set to announce the schedule of the depletion of its current inventory when the settlement was reached. FULL STORY
Posted at: 23:38 | Add Comment
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