Ramco Systems’ Philippines Subsidiary Settles Tax Demand at PHP 3 Mn Against Original PHP 72.40 Mn Claim:

Ramco Systems Limited has informed the stock exchanges that its 100% subsidiary, Ramco System Inc., Philippines (RSI), has received a final assessment notice/formal letter of demand (FAN/FLD) dated August 29, 2025, from the Commissioner of Internal Revenue (CIR).

The notice concerns the Financial Year 2022-23, raising an aggregate demand amounting to Rs 112.00 Mln. (PHP 72.40 Mln.). The levied demand includes income tax, value-added tax, expanded withholding tax, withholding tax on compensation, final withholding tax, final withholding of value-added tax, documentary stamp tax, and interest.

Along with this, a penalty of Rs PHP 45,000 (approximately Rs 0.07 Mln.) was also imposed on the company. The company's subsidiary, i.e., RSI, has furnished an administration protest against the claim made against it.

According to the disclosure made by the company vide an Intimation dated October 01, 2026, addressed to the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange of India (BSE), the company had received from the Commissioner of Internal Revenue, with a final demand for PHP 3 Mln. (approximately Rs 4.60 Mln.), including a compromise penalty of PHP 20,000 (approximately Rs 0.03 Mln.) as against the original demand mentioned above.

As per the disclosure, "based on the final decision, RSI has paid the demand of PHP 3 Mln (approximately Rs.4.6 Mln.) on 30th September 2026, and this matter has now been settled."

Refer to the official Intimation for complete information.