Semirara Mining and Power : Legal Proceedings

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Mar 17, 20222. SEC Identification Number 00000914473. BIR Tax Identification No. 0001903240004. Exact name of issuer as specified in its charter SEMIRARA MINING AND POWER CORPORATION5. Province, country or other jurisdiction of incorporation Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 2/F DMCI Plaza, 2281 Don Chino Roces Avenue, Makati CityPostal Code12318. Issuer's telephone number, including area code 632-888830009. Former name or former address, if changed since last report -10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common	4,250,547,620

11. Indicate the item numbers reported herein 5

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Semirara Mining and Power CorporationSCC PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Supreme Court Resolution in G.R. No. 211188

Background/Description of the Disclosure

We refer to the case docketed as "Semirara Mining Corporation vs. Bureau of Internal Revenue, Bureau of Customs & Department of Finance," Civil Case No. 13-1171, RTC Makati, Br. 146 (Declaratory Relief with Injunction). As a background, on May 21, 2013 SMPC was granted a Certificate of Qualification for Tax Exemption under PD 972 by the DOE for its importation of 36,000,000 liters of diesoline. SMPC made 1st partial shipment of 6,16,367 liters. BIR assessed VAT and excise tax on said shipment in the amount of PhP27,341,714.00 which was paid by SMPC under protest. SMPC filed a petition for Declaratory Relief with the RTC on October 3, 2013 seeking to enjoin BIR, BOC from implementing BIR RR No. 2-2012 by imposing advance payment of VAT on SMPC's importation of diesel fuel for its own use and consumption. BIR rationalizes its issuance of RR No. 2-2012 for the purpose of curtailing smuggling. While under said regulations payment of VAT is subject to right of refund by SMPC (effectively 0% rated) being exempted from VAT, SMPC contested the application of said regulation as it effectively diminishes its exemption granted by law and impairs the rights under its COC pursuant to the non-impairment clause of the Constitution. On October 30, 2013, SMPC secured a 20-day TRO and on November 21, 2013 the court issued a preliminary injunction against the BIR, BOC and DOF in so far as the implementation of said regulation specifically against SMPC. Motions for Reconsideration was filed by defendants which were denied by RTC on February 4, 2014. On February 13, 2014, the RTC resolved to grant SMPC Petition for Declaratory Relief and declared that in view of the tax exemption provided for under PD 972 and the COC, Revenue Regulation No. 2-2012 issued by the respondents is inapplicable to SMPC 's direct importation of petroleum and petroleum products. The DOF and BOC filed a petition for review on certiorari under Rule 45 of the Rules of Court (ROC) with the Supreme Court (G.R. No. 211188) on April 8, 2014 while the BIR on May 13, 2014 filed with the Court of Appeals (CA-G.R. No. 135364) a petition for review under Rule 65 of the ROC with prayer for TRO and/or writ of preliminary injunction. Meanwhile, SMPC filed a petition on September 2, 2015 with the Court of Tax Appeals (CTA Case No. 9133) in view of the denial by the BIR of its claim for tax refund in the amount of Php27,341,714.00 as VAT paid under protest for the shipment of its diesoline importation.

Name of the court or agency in which the proceedings are pending	Supreme Court
Date Instituted	Apr 8, 2014
Docket Number	G.R. No. 211188

Principal Parties

The Secretary of Finance and Commissioner of Customs, Petitioners vs. Semirara Mining and Power Corporation, Respondent

Nature and description of the legal proceedings

This is a Petition for Review on Certiorari under Rule 45 filed by Petitioners Secretary of Finance and Commissioner of Customs in view of RTC's resolution dated February 13, 2014 granting SMPC's Petition for Declaratory Relief.

The effect(s) on the Issuer's business or operations, if any

It does not have any effect on its business or operations.

Other Relevant Information

Please be advised that SMPC received today a copy of the Supreme Court's Resolution dated September 19, 2021 in the case docketed as "The Secretary of Finance and The Commissioner of Customs vs. Semirara Mining Corporation, G.R. No. 211188" dismissing the Petition filed by Petitioners Secretary of Finance, et. al. on the ground of mootness as BIR's RR No. 2-2012 was declared null and void by the Supreme Court in the case of Purisima vs. Lazatin, G.R. No. 210588, November 29, 2016. In accordance with SEC Notice issued on March 17, 2020, attached herewith is SEC Form 17-C for your immediate reference.

Filed on behalf by:

Name	John Sadullo
Designation	Vice President - Legal and Corporate Secretary