Philippines tax dispute resolved, demand cut from Rs.112 Mln to Rs.4.6 Mln
RAMCOSYS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.5 pts less than Nifty Microcap 250 and 1.1 pts less than its Software Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Ramco Systems' Philippines subsidiary RSI received a final decision from the Commissioner of Internal Revenue in a tax dispute for FY 2022-23. The original demand of PHP 72.40 Mln (about Rs.112 Mln) covering income tax, VAT, withholding taxes and interest was cut to PHP 3 Mln (about Rs.4.6 Mln) after an administrative protest. RSI has paid the final amount and the matter is now closed. This is a major reduction of roughly 96 percent from the initial demand.
Positive outcome for shareholders; tax liability cut by about 96 percent from initial demand, matter fully settled.