Power Sector Assets and Liabilities Management Corporation (PSALM) (3)
FIRB Resolution No. 009-12 • Fiscal Incentives Review Board • Resolutions • Jul 31, 2012
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July 31, 2012 FIRB RESOLUTION NO. 009-12 SUBJECT MATTER : Power Sector Assets and Liabilities Management Corporation (PSALM) (3) WHEREAS, the Power Sector Assets and Liabilities Management Corporation (PSALM) is mandated to manage the efficient and orderly sale, disposition and privatization of all existing National Power Corporation (NPC) generation assets, liabilities, Independent Power Producer (IPP) contracts, real estate and all other disposable assets of the NPC under Republic Act No. 9136 (Electric Power Industry Reform Act of 2001); DcICEa WHEREAS, the conduct of these functions has resulted in the basic Value-Added Tax (VAT) liabilities of the PSALM for the year 2010 arising from its sale of generation assets in 2010; WHEREAS, the PSALM does not have the financial resources to settle these tax obligations with the Bureau of Internal Revenue; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to grant tax subsidy to the PSALM to cover its Basic Deficiency VAT liabilities for 2010 in the amount of ONE BILLION NINE HUNDRED THIRTY TWO MILLION FIVE HUNDRED FIFTY SIX THOUSAND TWO HUNDRED THIRTY SIX AND 84/100 PESOS (PhP1,932,556,236.84) only: Provided, that such availment shall be in accordance with the terms and conditions of Section 13 of the 2012 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision under Executive Order No. 93. (SGD.) LAURA B. PASCUA Undersecretary Department of Budget and Management (SGD.) ADRIAN S. CRISTOBAL, JR. Undersecretary Department of Trade and Industry (SGD.) MARGARITA R. SONGCO Deputy Director-General National Economic and Development Authority (SGD.) MARISSA O. CABREROS Assistant Commissioner Bureau of Internal Revenue RAMON G. CUYCO Director Bureau of Customs (SGD.) TRINIDAD A. RODRIGUEZ Officer-in-Charge National Tax Research Center Head, FIRB Secretariat (SGD.) GIL S. BELTRAN Undersecretary of Finance Presiding Officer-FIRB
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