Ramco subsidiary faces PHP 72.4m tax demand in Philippines

Ramco Systems announced its wholly-owned subsidiary, Ramco System Inc., Philippines, received a Final Assessment Notice/Formal Letter of Demand on September 10, 2025. This notice, from the Bureau of Internal Revenue, dated August 29, 2025, relates to the Financial Year 2022-23.

The assessment demands PHP 72.40 million for various taxes, including Income Tax, Value Added Tax, and Withholding Tax. Additionally, a compromise penalty of PHP 45,000 was also assessed. Ramco System Inc. disputes these claims and plans to file an administrative protest.

Based on preliminary assessments and tax consultant advice, Ramco Systems believes it has a strong case and does not expect a material financial implication from this demand.