THE COURT of Tax Appeals (CTA) has affirmed a division ruling that ordered the Power Sector Assets and Liabilities Management Corp. (PSALM) to pay at least P9.57 billion in value-added tax (VAT) for the year 2008.  In a 14-page en banc decision dated May 17, the CTA voted 8-1 to affirm the Third Division’s Dec. 2, 2014 which found PSALM liable to pay VAT on the sale of its generation assets, lease of the Naga City (Cebu) complex, and collection of income and other receivables.  Read more here.