PLDT Inc. said Friday Smart Communications Inc. and Makati City government have reached a compromise deal for the settlement of a local tax dispute, allowing the reopening of its wholly-owned subsidiary’s headquarters shuttered by the local government unit on Feb. 27.
Makati City closed the head office of Smart, citing the company’s failure to secure a business permit and pay over P3.2 billion in franchise tax over the past four years.
PLDT said the settlement was reached after Smart submitted to the Makati City government its accounting records corresponding to revenues generated within the territorial jurisdiction of the LGU for the relevant periods.
Smart remains committed to complying with Makati City’s local tax ordinances, and with relevant national laws, applicable in respect of local taxation, and thanks the Makati LGU for its prompt action to resolve the matter, it added.
Smart assures the public and its customers that services remain available and accessible to all.
