Manila, April 16 -- The Court of Tax Appeals (CTA) has affirmed its earlier ruling in favor of the Panay Power Corporation's claim for a refund of PHP15 million in unutilized and excess withholding tax for 2019.

On June 1, 2020, Panay Power filed its annual income tax return (AITR) for the year 2019, which reflected an overpayment of some PHP26.25 million.

On Feb. 22, 2022, it filed a petition before the Bureau of Internal Revenue (BIR) requesting for PHP 16,279,531.00 refund.

Panay Power then filed a petition for review before the CTA on May 30, 2022.

During the trial, the BIR contended that Panay Power is not entitled to the claim for refund of creditable withholding tax (CWT) since it did not provide supporting documents to show th...