Business process outsourcing (BPO) firm Wells Fargo Philippines Solutions Inc is set to receive P24.11 million ($474,000) in tax refund after the Court of Tax Appeals (CTA) ruled in its favour, the PNA has reported.

The tax refund is for excess payment of creditable withholding taxes (CWT) for 2014. The excess taxes were in connection with the deed of absolute sales of its assets to Wells Fargo Enterprise Global Services LLC amounting to P93.32 million that year.

On Apr. 15, 2015, the Philippine BPO firm filed its annual income tax return (AITR), claiming CWT credits in the total amount of PHP33.066 million, to which it claimed to have utilized the amount of PHP7.57 million to pay its income tax liability for 2014.

Wells Fargo Philippines claimed that it still has excess CWT credits of PHP25 million. On Nov. 3, 2016, Wells Fargo Philippines filed with BIR Revenue District Office No. 44 Taguig Pateros an application for refund of excess CWT. – ©